Alan Owns a Ranch in Kansas How Much Loss from the Tornado Can He Deduct on One

Essay

Alan owns a ranch in Kansas.During the year,a tornado damaged one of his barns and destroyed some equipment.The following information provides the details of the losses Alan suffered from the tornado.
$\begin{array}{lccccc} & \text { Adjusted Basis } & \text { FMV Before } & \text { FMV After } & \text {Insurance Proceeds } \\\text { Barn } & \$ 75,000 & \$ 90,000 & \$ 40,000 & \$ 30,000 \\\text { Bailer } & \$ 25,000 & \$ 15,000 & \$ 0 & \$ 15,000 \\\text { Truck } & \$ 15,000 & \$ 18,000 & \$ 0 & \$ 10,000\end{array}$ How much loss from the tornado can he deduct on his tax return for the current year?