ABC Partnership is and oil gas exploration entity in the west Texas area, Permian Basin. ABC has one General Partner, Fast Eddie. ABC has 99 limited Partners. Each partners had to contribute, cash, FMV securities, FMV real assets or BitCoin. Each Limited Partnership is valued at $100,000. Fast Eddie contributed an old 1968 GTO Pontiac worth $100,000 with a 456 Cubic v-8 Engine. It is clean and awesome. The color is solid Gold.

After one year, The Partnership earned Revenue of $10,000,000. with costs of $5,000,000.

Net income was $5,000,000. Each Partner was given a K-1 Tax form at the end of the calendar year. It had Partnership net revenue of $5,000,000/ 100 partners = $5,000. less partner personal deductions, $0.0 =Reported income to Individual tax return of $5,000.

This is reported above the AGI number, other income.

Question: If the Partnership reported a loss of $5,000 per partner can this be deducted against normal income, W2?