Rickys building was unfortunately damaged by Tropical Storm Julian during the year. His adjusted basis in the building was $420,000 and the building had a fair market value before the storm of $460,000. Due to the roof being torn off and significant water damage caused by Tropical Storm Julian, the fair market value of the building after the storm was $380,000. Thankfully, Ricky had purchased insurance on the building. However, the insurance policy had a maximum storm damage clause which limited any insurance payments to $50,000. The insurance company promptly paid $50,000 under the policy. Ricky had an adjusted gross income (AGI) in that year of $200,000. What amount (if any) could Ricky deduct as a result of Tropical Storm Julian, assuming the building was used in Rickys trade or business activity? Be as brief/succinct as possible in providing your answer.