On August $18$ of the tax year, Solomon's personal$-$use fishing boat sank off the coast of Florida due to a severe storm. The fair market value of the fishing boat before the casualty was $$55,000.$ He bought the boat five years earlier for $$40,000.$ His insurance company reimbursed him $$45,000.$ On October $2$ of the same year, he purchased a smaller boat for $$35,000.$ What is his recognized taxable gain for the year of the casualty?