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In 2013,Larry's Car,which He Purchased Six Years Ago for $6,000,was

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In 2013,Larry's car,which he purchased six years ago for $6,000,was demolished in a traffic accident.As a result of the delay caused by this accident,Larry missed a business meeting and lost out on an important sale on which he could have earned a $1,200 commission.When he arrived home,he found his house had been broken into and his personal video equipment currently worth $3,200 (original cost = $5,000) had been stolen,along with his baseball card collection valued at $2,000 (basis = $1,500) .Larry's homeowner's policy covered only $3,000 of this theft loss.He had dropped the collision coverage on his auto insurance policy because that portion was too expensive,so he had no insurance coverage for his auto accident.His adjusted gross income is $82,000 and the fair market value of the car at the time of the accident was $8,000.How much can Larry deduct as an itemized deduction for his casualty and theft losses?

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Definitions:

Attitudes

A settled way of thinking or feeling about something, typically reflected in a person's behavior.

Influenced

The effect or impact one person, group, or factor has on another's attitudes, beliefs, or actions.

Sleeper Effect

The phenomenon whereby people can remember a message but forget where it came from; thus, source credibility has a diminishing effect on attitudes over time.

Source Credibility

The degree to which the audience perceives a message’s source as expert and trustworthy.

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