Sammy owned a home in south Florida that was severely damaged by a hurricane. Sammy...
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Accounting
Sammy owned a home in south Florida that was severely damaged by a hurricane. Sammy had purchased the home for $150,000, and the fair market value of the home prior to the hurricane was $500,000. His homeowners insurance policy had lapsed one month before the hurricane hit and Sammy had not obtained any other insurance. After the hurricane, the property had a fair market value of $420,000. Assuming that Sammys AGI was $115,000 this year, what is Sammys casualty loss deduction?
A) $68,400
B) $80,000
C) $138,400
D) $138,500
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