Question
Mason had the following personal casualty loss in 2022. It arose from a single casualty in a Federally declared disaster area. His AGI was $50,000
Mason had the following personal casualty loss in 2022. It arose from a single casualty in a Federally declared disaster area. His AGI was $50,000 for the year before considering the casualty.
| Asset | Adjusted Basis | FMV Before | FMV After | Insurance Recovery |
| A | $40,000 | $20,000 | $0 | $0 |
Assuming Mason itemizes his deductions, his casualty loss deduction is:
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Modern Auditing
Authors: William C. Boynton, Walter G. Kell, Raymond N. Johnson, Dr William Boynton
7th Edition
047118909X, 978-0471189091
