John bought a car three years ago for $20,000 for personal use. In 2002, his car was totally destroyed by a tree that fell on the car. John did not have insurance that covered this event. The cars fair market value before the tree came down was $9,000 and it was worth $0 after the accident. He has no other personal casualty gains or losses and his AGI for the year was $50,000. Johns personal casualty loss is $8,000. True/False and Explain.