Question: Exercise - (Algorithmic Noelle's diamond ring was stolen in 2017. She originally paid $18,400 for the ring, but it was worth considerably more at the

Exercise - (Algorithmic Noelle's diamond ring was stolen in 2017. She originally paid $18,400 for the ring, but it was worth considerably more at the time of the theft. Noelle filed an insurance daim for the stolen ring, but the daim was denied. Because the insurance daim was denied, Noelle took a casualty loss for the stolen ring on her 2017 tax return. In 2017, Noelle had AGI of $92,000. After Noelle threatened legal action, in early 2020, the insurance company had a change of heart and sent Noelle a check for $11,040 for the stolen ring. The per-event floor is $100. What is the proper tax treatment of the $11,040 Noelle received from the insurance company in 2020? the amount of $ Noelle should

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