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\mathrm{.}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, W$2?$