In 2019, grant's personal residence was completely destroyed by fire. he was insured for 100% of his actual loss, and he received the insurance settlement. grant had adjusted gross income before considering the casualty item of $30,000. pertinent data with respect to the residence follows: cost basis $280,000 value before casualty 250,000 value after casualty –0– what is grant's allowable casualty loss deduction?
a. $10,000
b. $6,500
c. $6,900
d. $0
e. $80,000
Answers: 2
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