Taxpayer runs a greenhouse as a sole proprietorship using the accrual method. At the end of the taxable year, Taxpayer's accounts receivable totals $60,000, and he estimates that 3.5% of that amount is uncollectable. The current balance in his reserve for uncollectable accounts is $950. As of the end of the year, Taxpayer is aware of only one customer who will certainly not pay its account because it has gone out of business; that customers receivable balance is $3,250. Determine the amount of bad debt Taxpayer may deduct for the current taxable year.