Question: Rod had the following personal casualty in 2016: Decrease in fair market value due to casualty Adjusted Basis Insurance reimbursement Holding Period Rod's antique furniture

Rod had the following personal casualty in 2016:

Decrease in fair market value due to casualty Adjusted Basis Insurance reimbursement Holding Period
Rod's antique furniture was vandalized $2500 $500 $1700 20 years

Calculate the amount and nature of Rod's gain or loss as a result of this casualty.

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