(Solution) - In the current year Wilson Enterprises a calendar year taxpayer -(2025 Original AI-Free Solution)

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In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $90,000. How much of the casualty loss will be deductible by Wilson under the following circumstances?
a. Wilson is an individual proprietor and has AGI of $225,000. The casualty loss was a personal loss, and the insurance recovered was $50,000.
b. Wilson is a corporation, and the insurance recovered was $50,000.