In 2019, Grant's personal residence was completely destroyed by fire. He was insured for 100% of his actual loss, and he received the insurance settlement. Grant had adjusted gross income before considering the casualty item of $30,000. Pertinent data with respect to the residence follows: Cost basis $280,000 Value before casualty 250,000 Value after casualty - 0 - What is Grant's allowable casualty loss deduction?
a. $10,000
b. $6,500
c. $6,900
d. $0
e. $80,000
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