Rod Had the Following Loss on Business-Use Property Calculate the Amount and Nature of Rod's Gain or Loss

Rod had the following loss on business-use property: $$\begin{array} { | l | l | l | l | l } & \begin{array} { l } \text { Decrease in fair } \\\text { market value due } \\\text { to casualty }\end{array} & \begin{array} { l } \text { Adjusted } \\\text { basis }\end{array} & \begin{array} { l } \text { Insurance } \\\text { reimbursement }\end{array} & \begin{array} { l } \text { Holding } \\\text { period }\end{array} \\\hline \begin{array} { l } \text { Rod's storage shed } \\\text { was partially } \\\text { destroyed by fire. }\end{array} & \$ 300 & \$ 700 & \$ 100 & 2 \text { years } \\\hline\end{array}$$ Calculate the amount and nature of Rod's gain or loss as a result of this casualty.