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Tom incurred two casualties during the year. The first involved his car, which was involved...

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Accounting

Tom incurred two casualties during the year. The first involved his car, which was involved in an accident. Tom's basis in the car was $15,000. Prior to the accident, the car was worth $5,000; after the accident it was worth $2,800. Tom's insurance company reimbursed him $1,000 for his loss. The second casualty involved a theft of artwork from his home. Tom purchased the artwork for $20,000 and it was worth $35,000 at the time of the theft. Tom's insurance company reimbursed him $10,000 for his loss. If Tom's AGI is $50,000, his casualty and theft loss deduction on Schedule A is:

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