How much can Mark deduct as a result of the personal casualty losses related to a flood? Group of answer choices $875 $587 $578 $785
During the year, Mark had AGI of $30,000 and the following personal casualty losses related to a flood in a Federally declared disaster area:
Asset Adjusted FMV Before FMV After Insurance
Basis the Casualty the Casualty Recovery
A $1,362 $2,139 $0 $487
B $1,648 $2,319 $439 $0
C $1,923 $2,987 $813 $561
How much can Mark deduct as a result of the personal casualty losses related to a flood?
Group of answer choices
$875
$587
$578
$785
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