In 2019, Wilson Enterprises, a calendar-year taxpayer, suffers a casualty loss of $257,500. The casualty...
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In 2019, Wilson Enterprises, a calendar-year taxpayer, suffers a casualty loss of $257,500. The casualty was attributable to a Federally declared disaster. How much of the casualty loss will be deductible by Wilson under the following circumstances?
a. Wilson is an individual proprietor and has an AGI of $643,750. The casualty loss was a personal loss, and the insurance recovered was $141,625 before any limitations. Wilson can claim a casualty loss as an itemized deduction of [{Blank}].
b. Assume Wilson is a corporation, and the insurance recovered was $141,625 before any limitations. Wilson can deduct [{Blank}].
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