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A taxpayer loses a home during a major flooding event in an area declared as...

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Accounting

A taxpayer loses a home during a major flooding event in
an area declared as a federal disaster area under the
Stafford Act. The FMV of the home was $275,000 before
the storm and $125,000 after. They received an insurance
reimbursement of $125,000. The taxpayer's adjusted basis
in the property was $150,000. Their AGI is $65,000. What is
the amount of allowable casualty and theft loss for
TY2023?
Select one:
a. $0
b. $150,000
c. $125,000
d. $18,400
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