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?