Calculate the amount of his theft loss deduction

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Steve keeps a valuable bonsai collection in his back yard. In the current year, thieves disarmed his security system and stole several of the bonsai. The stolen bonsai had a fair market value and adjusted basis of $4, 500.

Assuming that Steve had no insurance coverage on the bonsai and his adjusted gross income for the current year is $28,000, calculate the amount of his theft loss deduction.

Reference no: EM131995191

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