On December 17 of the current year, business office safe is burglarized. The theft is discovered a few days after the burglary. cash from the cash registers is stolen. A diamond necklace and a ring that frequently wore are also stolen. The necklace cost many years ago and is insured for its FMV. purchased the ring for just two weeks before the burglary. Unfortunately, the ring and the cash are not insured. AGI for the year, not including the items noted above, is . a. What is deductible theft loss in the current year? b. What is deductible theft loss in the current year if the theft is not discovered until January of the following year?