Gwen had the following occur in the current year:

Car wreck: repairs were $2,000, insurance paid $1,000. Theft of boat from lake house in December: fair market value = $10,000, cost = $15,000. She didnt discover the theft until the next taxable year. Storm damage to lake house: FMV before = $200,000, after = $150,000, insurance paid $20,000. The President declared the storm a federal disaster area.

If Gwens AGI is $60,000, what is her net casualty loss deduction in the current year?

1) $0

2) $24,800

3) $36,700

4) $41,000

5) None of these