Asset FMV Before FMV After Basis Insurance Casualty Gain (Loss) Business 1 $ 20,000 $ 0 $ 16,000 $ 5,000 $ Business 2 22,000 15,000 5,000 4,000 (11,000) (1,000) 2,000 Business 3 20,000 0 18,000 20,000 $ Net loss on business property (10,000) Personal 1 8,000 0 24,000 6,000 $ (2,000) (6,000) Personal 2 7,000 1,000 10,000 0 Personal 3 2,000 11,000 0 10,000 12,000 Net loss on personal property $ (6,000) (100) Minus: Nondeductible floor $ Net loss on nonbusiness property (5,900) Now calculate Tina's taxable income for 2020. (Complete all input fields. If no casualty loss is allowed, select the label and enter "O" for the amount.) Business income Minus: Business casualty losses Adjusted gross income (AGI) Minus: itemized deductions Residential interest Property taxes Charitable contributions Personal casualty losses Taxable income All of the items were destroyed in the same casualty, which resulted from a federally declared disaster. Before considering the casualty items, Tina reports business income of $60,000, qualified residential interest of $7,000, property taxes on her personal residence of $2,500, and charitable contributions of $2,500. Asset FMV Before FMV After Basis Insurance Business 1 $ 20,000 $ 0 $ 16,000 $ 5,000 Business 2 15,000 5,000 4,000 Business 3 22,000 20,000 8,000 0 18,000 20,000 6,000 Personal 1 0 24,000 Personal 2 7,000 1,000 10,000 0 Personal 3 11,000 0 10,000 12,000 Asset FMV Before FMV After Basis Insurance Casualty Gain (Loss) Business 1 $ 20,000 $ 0 $ 16,000 $ 5,000 $ Business 2 22,000 15,000 5,000 4,000 (11,000) (1,000) 2,000 Business 3 20,000 0 18,000 20,000 $ Net loss on business property (10,000) Personal 1 8,000 0 24,000 6,000 $ (2,000) (6,000) Personal 2 7,000 1,000 10,000 0 Personal 3 2,000 11,000 0 10,000 12,000 Net loss on personal property $ (6,000) (100) Minus: Nondeductible floor $ Net loss on nonbusiness property (5,900) Now calculate Tina's taxable income for 2020. (Complete all input fields. If no casualty loss is allowed, select the label and enter "O" for the amount.) Business income Minus: Business casualty losses Adjusted gross income (AGI) Minus: itemized deductions Residential interest Property taxes Charitable contributions Personal casualty losses Taxable income All of the items were destroyed in the same casualty, which resulted from a federally declared disaster. Before considering the casualty items, Tina reports business income of $60,000, qualified residential interest of $7,000, property taxes on her personal residence of $2,500, and charitable contributions of $2,500. Asset FMV Before FMV After Basis Insurance Business 1 $ 20,000 $ 0 $ 16,000 $ 5,000 Business 2 15,000 5,000 4,000 Business 3 22,000 20,000 8,000 0 18,000 20,000 6,000 Personal 1 0 24,000 Personal 2 7,000 1,000 10,000 0 Personal 3 11,000 0 10,000 12,000