Problem $3-33($Algorithmic$)($LO$.1)$

In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $$165,000.$ The casualty was attributable to a Federally declared disaster. How much of the casualty loss will be deductible by Wilson under the following circumstances?

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a$.$ Wilson is an individual proprietor and has AGI of $$412,500.$ The casualty loss was a personal loss, and the insurance recovered was $$90,750$ before any limitations$.$

Wilson can claim a casualty loss as an itemized deduction of $fill in the blank aad$13$e$074$fe$502$e$\_1$

$.$

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b$.$ Assume Wilson is a corporation, and the insurance recovered was $$90,750$ before any limitations$.$

Wilson can deduct $fill in the blank d$23$e$4$ffb$704406$d$\_1$

$.$