A calendar year S corporation had dividend income of $10,000 and a net ordinary loss of $70,000 for the current year. At the beginning of the year, Z, a 40 percent shareholder, has a stock basis of $15,000 and a note basis (on a loan Z made to the corporation) of $6,000. Z also personally guaranteed payment of a $5,000 loan that the corporation took out. Z's only other income is a substantial salary from an unrelated business. Z materially participates in the S corporation business. He also received a cash distribution of $3,000 from the S corporation during the current year. Calculate Z's deductible net ordinary loss from the S corporation for the current year. Show the answer as a positive amount. Show work for partial credit.