On June 15 of the tax year, Rod's fishing boat sank off the coast of Maine due to a severe storm. The fair market value of the fishing boat before the casualty was $59,000. He bought the boat five years earlier for $34,000. His insurance company reimbursed him $49,000. On November 24 of the tax year, he purchased a smaller boat for $38,000. What is his recognized taxable gain for the year of the casualty?

a. $0

b. $11,000

c. $15,000

d. $49,000