In the current year Ned completely destroys his personal automobile (purchased two years earlier for $28,000) in a traffic accident. Fortunately none of the occupants are injured. The FMV of the car before the accident is $18,000; after the accident it is worthless. Ned receives a $14,000 settlement from the insurance company. Later in the same year his house is burglarized and several antiques are stolen. The antiques were purchased a number of years earlier for $8,000. Their value at the time of the theft is estimated at $12,000. They are not insured. Ned’s AGI for the current year is $60,000. What is the amount of Ned’s deductible casualty loss in the current year, assuming the thefts are discovered in the same year?