Corporation X suffered $10,000 in flood damage to its office building. Although the damage is covered by the company's insurance policy, the company decides not to file an insurance claim for the loss because it fears that by making an insurance claim the insurance company may cancel the policy at its next renewal date, thereby precluding coverage for potentially larger future losses. The company would like to take a deduction for the $10,000 on its tax return. Is the company permitted to take the deduction on its federal corporate income tax return for the tax year in which the loss occurred?