L.0.3,4, 8 Olaf lives in the state of Minnesota. In May 2021, a tormado hit the area and damaged his home and automobile. Applicable information is as follows: Because of the extensive damage caused by the tornado, the President designated the area a Federal disaster area. Olaf and his wife, Anna, always file a joint return. Their 2020 tax return shows AGI of $180,000 and taxable income of $145,000. In 2021, their return shows AGI of $300,000 and taxable income (exclusive of the casualty loss deduction) of $225,000. Determine the amount of Olaf and Anna's loss and the year in which they should take the loss