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In 2015, the Chens' Pleasure Boat Was Severely Damaged by a Hurricane

Question 18

Multiple Choice

In 2015, the Chens' pleasure boat was severely damaged by a hurricane in an area that was declared a federal disaster area. They had AGI of $110,000 in 2015. The following information relates to the craft: In 2015, the Chens' pleasure boat was severely damaged by a hurricane in an area that was declared a federal disaster area. They had AGI of $110,000 in 2015. The following information relates to the craft: The Chens had insurance and received an $80,000 insurance settlement. What is the allowable casualty loss deduction for the Chens in 2015? A) $50,000. B) $15,000. C) $3,900. D) $3,000. The Chens had insurance and received an $80,000 insurance settlement.
What is the allowable casualty loss deduction for the Chens in 2015?


A) $50,000.
B) $15,000.
C) $3,900.
D) $3,000.

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