| 3.||Question :||(TCO 3) During the current year, Chuck’s home was burglarized. Chuck had the following items stolen:|
- Securities worth $20,000: Chuck purchased the securities three years ago for $8,000.
- A painting worth $10,000: Chuck purchased the painting two years ago for $12,000.
- An antique vase worth $800: Chuck purchased the vase five years ago for $500.
Chuck’s homeowner’s insurance policy had a $50,000 deductible clause for thefts. If Chuck’s salary for the year was $40,000, determine the amount of Chuck’s itemized deduction as a result of the theft.