Joel had a car accident in 2020 in which his car was completely destroyed. At the time of the accident, the car had a fair market value of $22,800 and an adjusted basis of $26,000. Joel used the car 100% of the time for business use. He received an insurance recovery of 80% of the value of the car at the time of the accident. If Joel's AGI for the year is $56,000, determine his deductible loss on the car. a) $7,760. b) $4,560. c) $2,060 d) $1,140