In the current year, Dolby’s wife was involved in an accident while driving the family automobile. Damage to the automobile was estimated at $700.Though fully insured, Dolby was fearful that his automobile insurance rates would rise as a result of the accident. He did not notify his insurance company and had the automobile repaired at his own expense. What amount can he deduct as a casualty loss on his income tax return if his adjusted gross income is $5,000?
A) $0
B) $100
C) $200
D) $300
