In 2016, Wally had the following insured personal casualty losses (arising from one casualty) . Wally also had $42,000 AGI for the year before considering the casualty.
Wally's casualty loss deduction is:
A) $1,500.
B) $1,600.
C) $4,800.
D) $58,000.
E) None of the above.
Correct Answer:
Verified
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