A taxpayer's antique Car ce and was totally destroyed. The car was appraised for $22,500. He only had it insured for $15,000 since this was more than enough to cover his adjusted basis of $9,000. He decided not to replace the car. What should the taxpayer report on his tax return?

A.Deduct a loss of $7,500 B.Deduct a loss of $6,000 C.Report income of $6,000 D.No reporting is required.