Mr. and Mrs. Blake suffered two casualty losses this year. Mr. Blake's wallet containing $1,300 cash was stolen, and their uninsured sailboat (basis $67,000; FMV $50,000) sunk after colliding with a reef. Compute the Blakes' itemized deduction for casualty losses if their AGI was $112,200.

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The Answer of Mr. and Mrs. Blake suffered two casualty losses this year. Mr. Blake's wallet containing $1,300 cash was stolen, and their uninsured sailboat (basis $67,000; FMV $50,000) sunk after colliding with a reef. Compute the Blakes' itemized deduction for casualty losses if their AGI was $112,200.

Mr and Mrs