During the Year,alicia's Personal Summer Home Was Almost Completely Destroyed
During the year,Alicia's personal summer home was almost completely destroyed by a fire started in a work room.She had adjusted gross income of $110,000 in 2016 and related data with respect to the summer home follows: Cost basis: $ 121,000
Value before casualty: $ 155,000
Value after casualty: $ 15,000
Alicia was partially insured for the loss and in 2016 she received a $100,000 insurance settlement.What is Alicia's allowable casualty loss deduction for 2016?