Ford's automobile that he uses 100% for business is vandalized. The adjusted basis before the vandalism is $3,000. The fair market value of the car before the vandalism is $7,000, and the fair market value of the property after the vandalism is $2,000. Ford's insurance does not cover vandalism. What is Ford's loss deduction for the current year?
A. $- 0 -
B. $1,000
C. $2,000
D. $3,000
E. $5,000
Answer: D
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Answer the following statement true (T) or false (F)