Question: Mark had a structure that was destroyed by hurricane Michael, in a federally declared disaster area. Unfortunately, he had no insurance coverage on the structure.

Mark had a structure that was destroyed by hurricane Michael, in a federally declared disaster area. Unfortunately, he had no insurance coverage on the structure. He gives you the following information: Fair Market Value of Structure before casualty $12,000 Adjusted Basis of building 18,000 Mark's Adjusted Gross Income before casualty

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