In May 2016, Mikes home was hit with a tornado. Mikes basis in the home was $125,000 and the tornado caused a loss of $18,000. He received a $10,000 insurance reimbursement.

In August 2016, Mike had a motorcycle accident. His basis in the motorcycle was $20,000 and the accident caused a $24,000 loss. Mike received a $5,000 insurance reimbursement.

a. If Mikes adjusted gross income in 2016 was $50,000, what is his net casualty and theft loss deduction?

b. Assume also that in November 2016 Mikes home was burglarized. Mikes antique music box collection held for investment was stolen. Mikes basis in the collection was $8,000 and it was worth $15,000 at the time it was stolen. Mike didnt insure the collection. If Mikes adjusted gross income in 2016 was $250,000, what is Mikes net casualty and theft loss deduction?