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In 2011, the Chens' pleasure boat was severely damaged by a hurricane in an area that was declared a federal disaster area. They had AGI of $110,000 in 2011. The following information relates to the craft:

cost basis $95000
FMV before casualty $145000
FMV after casualty $25000

The Chens had insurance and received an $80,000 insurance settlement. What is the allowable casualty loss deduction for the Chens in 2011?
A. $50,000
B. $15,000
C. $3,900
D. $3,000

is it C

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