Tina had a basis in her rental home of $52,300. Immediately before a wildfire completely destroyed the property, it was valued at $80,000. The value immediately after was $0. Tina received $40,000 of insurance reimbursements for the loss sustained in a federally declared disaster area. What is Tina's allowable casualty loss or gain? O $12,300 casualty loss $52,300 casualty loss O $40,000 casualty loss $80,000 casualty loss Mark for follow up