Exercise 7-26 (Algorithmic) (LO.4) Belinda was involved in a boating accident in 2020. Her speedboat, which was used only for personal use and had a fair market value of $34,800 and an adjusted basis of $17,400, was completely destroyed. She received $12,180 from her insurance company. Her Agt for 2020 is $43,500 Belinda's tentative casualty loss before any limitations (.e. $ 100 floor and AGI) is $ 770 X Is her loss currently deductible? Only to the extent the loss can offset other personal casualty gains. Feedback Check My Work The rules for determining the amount of a loss depend in part on whether business use, Income-producing use, or personal use prop was involved. Another factor that must be considered is whether the property was partially or completely destroyed. Check My Work 2 more Check My Work uses remaining