Wes owned a business which was destroyed by fire in May 2018. Details of his losses follow: 
His AGI without consideration of the casualty is $45,000. What is Wes's net casualty loss deduction for 2018?
Definitions:
GDP Deflator
A measure of the price level calculated as the ratio of nominal GDP to real GDP times 100
Consumer Price Index
A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, typically used as an indicator of inflation.
Inflation
The economic condition characterized by a general increase in prices and fall in the purchasing value of money over time.
Base Year
A specific year against which economic indices are measured or compared, allowing for the assessment of economic performance or inflation.
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