a) This year D's warehouse (used in his business) worth $120,000 (basis $125,000) was completely destroyed by fire. D received insurance proceeds of $50,000. If D's A.G.I. is $30,000 this year, how much of the loss may be claimed? What type of deduction is the casualty (FOR AGI, ITEMIZED, MISC. ITEMIZED)? SHOW ALL WORK b) Same facts, except the warehouse had a FMV of $ $50,000 following the fire. How much of the loss may be claimed? What type of deduction is the casualty (FOR AGI, ITEMIZED, MISC. ITEMIZED)? SHOW ALL WORK