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Mr. Smith constructed a building at a cost of $80,000 on land that he leases....

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Accounting

Mr. Smith constructed a building at a cost of $80,000 on land that he leases. He uses half of the building for business purposes and lives in the other half. In the current year, a flood damaged the entire building. Mr. Smith's records reflect the following information: Cost of building $80,000 Depreciation properly deducted 4,800 FMV before flood 76,000 FMB after flood 64,000 Insurance reimbursement 8,000 Mr. Smith's AGI for the current year 50,000 Calculate the Business Loss amount and personal loss amount.

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