Tom is a carpenter who owns his own furniture manufacturing business. During the current year, a tornado (a federally declared disaster) damaged several pieces of equipment and destroyed his delivery truck and his personal automobile, which he often kept in the workshop garage. The asset descriptions and related values are as follows: Clew the descriptions and values Although he could not obtain its fair market value after the casualties, Tom decided to repair rather than replace Equipment C. Before considering any deductions because of these casualties, Tom's AGI is $70,000. Requirement What deductions may Tom take relating to these losses? First complete the first portion of the analysis to determine the net business casualty loss deduction Tom may take. In the following step, determine the personal casualty loss deduction Tom may take relating to the tornado. (Enter a loss with a minus sign or parentheses. Complete all input fields. Enter a "0" for any zero balances.) Net business casualty loss deduction Now determine the personal casualty loss deduction Tom may take relating to the tornado. Descriptions and Values