Saved Problem 6-53 (LO 6-5) Help Sa Derrick owns a farm in eastern North Carolina. A hurricane hit the area (a national disaster area was declared) and destroyed a farm building and some farm equipment and damaged a barn. Item Building Equipment Barn Adjusted Basis $121,200 96,600 105,700 FMV before Damage $157,500 72,300 159,106 FMV after Insurance Damage Proceeds $ @ $84,900 15,300 105,700 40,000 Due to the extensive damage throughout the area, the president of the United States declared all areas affected by the hurricane as a disaster area. Derrick, who files a joint return with his wife, had $71,100 of taxable income last year. Their taxable income for the current year is $228,300. excluding the loss from the hurricane a-1. Calculate the amount of the loss deductible by Derrick and his wife. a-2. What amount of loss should be adjusted against current and last year? Loss Amount a- Last year Current year Prev 1 of 5 il Next > es earch o