Tom and Jack are siblings who have been working together for their own business for the past ten years. The business produces furniture both for wholesale and retails. Unfortunately, in November 2020 their factory was burned to the ground because of an electrical fault. They lost everything. They had various insurance policies which provided for the following amounts of compensation: $1 million for the loss of the factory. $500,000 for the loss of machinery and other depreciable assets. $200,000 for loss of trading stock; and $50,000 each to Tom and Jack for loss of income while the business was not operating. What are the tax consequences of each of these amounts to individual tax assessments for Tom and Jack? Are they eligible to get any type of deductions?