Part II-Short Answers-Place your answer(s) directly on the exam. Clearly label your answer(s) 1. In 2018, Wally had the following insured personal casualty losses (arising from one casualty in a Federally-declared disaster area). Wally also had $45.000 AGI for the year before considering the casualty. Fair Market Value Asset Adjusted Basis Before After Insurance Recovery $11.900 $9.700 $1.100 $2,800 3,000 4.000 4000 Wally's casualty loss deduction is