In 2015,Morley,a single taxpayer,had an AGI of $30,000 before considering the following items: Loss from damage to rental property ($6,000) Loss from theft of bonds (3,000) Personal casualty gain 4,000 Personal casualty loss (after $100 floor) (9,000) Determine the amount of Morley's itemized deduction from the losses.
A) $0
B) $2,900
C) $5,120
D) $5,600
E) None of the above
Correct Answer:
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