A diamond necklace and a ring that kelly frequently wore

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A diamond necklace and a ring that Kelly frequently wore are also stolen. The necklace cost Kelly $2,300 many years ago and is insured for its $6,000 FMV. Kelly purchased the ring for $3,000 just two weeks before the burglary. Unfortunately, the ring and the cash are not insured. Kelly's AGI for the year, not including the items noted above, is $70,000. What is Kelly's deductible theft loss in the current year if the theft is not discovered, until January of the following year?

Reference no: EM13480160

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