49. LO.2, 3, 7 A number of years ago, Lee acquired a 20% interest in the BlueSky Partnership for $60,000. The partnership was profitable through 2012, and Lee’s amount at risk in the partnership interest was $120,000 at the beginning of 2013. BlueSky incurred a loss of $400,000 in 2013 and reported income of $200,000 in 2014. Assuming that Lee is not a material participant, how much of his loss from BlueSky Partnership is deductible in 2013 and 2014? Consider the at-risk and passive loss rules.