in 2011 the chens' pleasure boat was severely damaged by a hurricane in an area that was declared a federal disaster area they had AGI of $110,000 in 2011 the following information relates to the craft:
cost basis 95,000
FMV before casualty 145,000
FMV after casually 25,000
the chens had insurance and received an $80,000 insurance settlement what is the allowable casualty loss deduction for the chens in 2011?