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Kirk had an adjusted gross income of $60,000. During the year, his personal use summer home was partially destroyed by a fire. Pertinent data with
Kirk had an adjusted gross income of $60,000. During the year, his personal use summer home was partially destroyed by a fire. Pertinent data with respect to the home follows: Cost basis $225,000 Value before casualty $235,000 Value after casualty $165,000 Kirk was insured for 70% of his actual loss, and he received the insurance settlement. What is Kirk's allowable casualty loss deduction
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