John had adjusted gross income of $40,000. During the year his personal use summer home was damaged by a fire. Pertinent data with respect to the home follows: Cost basis $110,000 Value before the fire $160,000 Value after the fire $20,000 Insurance recovery $90,000 What is John's deductible casualty loss for 2016? a $15, 900. b $15, 500. c $45, 900. d $49, 800. e None of the above. During the year, Yellow Corporation (a U.S. corporation) has U.S. source income of $1 million and foreign income of $500,000. The foreign source income generates foreign income taxes of $240,000. The U.S. income tax before the foreign tax credit is $510,000. Yellow Corporation's foreign tax credit is: a. $120,000. b. $170,000. c. $240,000. d. $340,000. e. None of the above