Problem: During the current year, Jacob's personal residence, some of the contents, and his car were damaged or destroyed b a fire. Information with respect to the damaged and destroyed assets is as follows:
Asset Adjusted Balance FMV Before FMV After Insurance Recovery
Home $300,000 $400,000 $350,000 $70,000
Car $60,000 $55,000 $- $20,000
Contents $80,000 $60,000 $10,000 $10,000
If Jacob's AGI is $100,000 before considering the effects of the fire, determine the amount the amount of his deduction for the loss.