Jim had $100,000 in deposits in a savings account at a bank in Page, Arizona. The bank collapsed and Jim did not receive anything for his deposits. The bank was chartered by the state of Arizona and was not insured by federal law. Jim is not sure what his options are in deducting this loss on his tax return. What can Jim do to take advantage of this loss on his tax return? He has an AGI of $110,000 and no capital gains for the current year.