Rod Had the Following Personal Casualty in 2013:
Decrease in Fair

Rod had the following personal casualty in 2013:
Decrease in fair market
$\begin{array}{cccc}&\begin{array}{c}\text { value due to } \\\text { casualty }\end{array} & \begin{array}{c}\text { Adjusted } \\\text { basis }\end{array} & \begin{array}{c}\text { Insurance } \\\text { reimbursement }\end{array} & \begin{array}{c}\text { Holding } \\\text { period }\end{array} \\\\\text { Rod's antique furniture was }&\$ 2,500 & \$ 500 & \$ 1,700 & 20 \text { years }\end{array}$ $\begin{array}{cccc}&\begin{array}{c}\text { value due to } \\\text { casualty }\end{array} & \begin{array}{c}\text { Adjusted } \\\text { basis }\end{array} & \begin{array}{c}\text { Insurance } \\\text { reimbursement }\end{array} & \begin{array}{c}\text { Holding } \\\text { period }\end{array} \\\\\text { Rod's antique furniture was }&\$ 2,500 & \$ 500 & \$ 1,700 & 20 \text { years }\end{array}$ vandalized.
Calculate the amount and nature of Rod's gain or loss as a result of this casualty.