Bubba Johnson's truck was recently stolen (July 2023) at the Denver airport while on a personal trip to Florida. The truck's original costs including after-market parts cost approximately $110k. The truck was insured by State Farm insurance. Based on current fair market value, State Farm and Bubba agreed on a settlement of $60k in proceeds to cover the theft of the truck. Bubba used the truck in commuting to his job as an instructor at a local university. Because Bubba and his wife Betty Jean own their own home and also pay significant state income taxes and property taxes, they have sufficient itemized deductions such that they itemize their deductions on their tax return for the year 2023. Can Bubba and Betty Jean deduct the theft of the truck net of the insurance settlement on their 2023 tax returns? Specifically, can they deduct the net difference of $50k ($110k of original cost less $60k of settlement proceeds)