Question: On November 1 , 2 0 2 3 , Denise was involved in an automobile accident. At the time of the accident, her automobile's FMV

On November 1,2023, Denise was involved in an automobile accident. At the time of the accident, her automobile's FMV was $45,000. After the accident, the automobile's FMV was $38,000. Denise acquired the car on May 2,2022, at a cost of $52,000. Denise's car was covered by insurance, but, because the policy had a $5,000 deduction clause, Denise decided not to file a claim for the damage.

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