Fair market value of asset before event

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Reference no: EM131065606

During the year, Mark Zuckerberg had the following business theft losses and Reid Hoffman (AGI=$50,000) had the following personal casualty losses: · adjusted basis: Mark = $900, Reid = $2,500 · fair market value of asset before event: Mark = $600, Reid = $4,000 · fair market value of asset after event: Mark = $0, Reid = $1,000 · insurance proceeds: Mark = $400, Reid = $500 What are the deductible losses for Mark and Reid, respectively?

Reference no: EM131065606

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