Platinum Corporation owns a building that it uses in its operations that has a basis of $100,000. During the year, a tornado occurs and partially destroys the building. The fair market value of the building before the tornado was $250,000 and the value of the building afterwards is $170,000. They are reimbursed by an insurance company for $35,000. How much can Platinum Corporation deduct as a casualty loss?

Group of answer choices

$45,000.

$80,000.

$100,000.

$170,000.