The Collaborative International Dictionary of English v.0.48:

Deduce \De*duce"\, v. t. [imp. & p. p. Deduced; p. pr. & vb.
   n. Deducing.] [L. deducere; de- + ducere to lead, draw. See
   Duke, and cf. Deduct.]
   1. To lead forth. [A Latinism]
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            He should hither deduce a colony.     --Selden.
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   2. To take away; to deduct; to subtract; as, to deduce a part
      from the whole. [Obs.] --B. Jonson.
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   3. To derive or draw; to derive by logical process; to obtain
      or arrive at as the result of reasoning; to gather, as a
      truth or opinion, from what precedes or from premises; to
      infer; -- with from or out of.
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            O goddess, say, shall I deduce my rhymes
            From the dire nation in its early times? --Pope.
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            Reasoning is nothing but the faculty of deducing
            unknown truths from principles already known.
                                                  --Locke.
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            See what regard will be paid to the pedigree which
            deduces your descent from kings and conquerors.
                                                  --Sir W.
                                                  Scott.
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WordNet (r) 3.0 (2006):

deduce
    v 1: reason by deduction; establish by deduction [syn: deduce,
         infer, deduct, derive]
    2: conclude by reasoning; in logic [syn: deduce, infer]