Steve Keeps a Valuable Bonsai Collection in His Back Yard

Steve keeps a valuable bonsai collection in his back yard. In 2014, thieves disarmed his security system and stole several of the bonsai. The stolen bonsai had a fair market value and adjusted basis of $4,700. Assuming that Steve had no insurance coverage on the bonsai and his adjusted gross income for 2014 is $32,000, calculate the amount of his theft loss deduction.

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