In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $142,500. The casualty was attributable to a Federally declared disaster. How much of the casualty loss will be deductible by Wilson under the following circumstances:
Wilson is an individual proprietor and has AGI of $362,500. The casualty loss was a personal loss, and the insurance recovered was $79,750 before any limitations.
1. Wilson can claim a casualty loss as an itemized deduction of ?
2. Wilson is a corporation, and the insurance recovered was $79,750 before any limitations.