Time left 0:56:50 Billings Company had an office building in Montana, which was totally destroyed when a forest fire tragically passed through the area. The building originally cost $1,600,000, but the value of the building at the time of the fire was $1,000,000. Billings had taken $900,000 in depreciation over the years. Insurance reimbursed Billings $500,000 for the loss. Calculate the casualty loss deduction for Billings Company. 7 A B I U lil HU EE %3