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On January 3, 2016, Carey discovers his diamond bracelet has been stolen. The bracelet had a fair market value and adjusted basis of $7,000. Assuming

On January 3, 2016, Carey discovers his diamond bracelet has been stolen. The bracelet had a fair market value and adjusted basis of $7,000. Assuming Carey had no insurance coverage on the bracelet and his adjusted gross income for 2016 is $50,000, calculate the amount of his theft loss deduction.

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