Andy, a corporate executive, ears a salary of $600,000 per year. In addition, he owns a separate business in which he participates. The business produces a loss of $160,000 during the year. If he does not materially participates in the business, determine the amount of loss he may offset against his active income from his corporate employer In 2014, Fred acquired a partnership interest in the Teal Partnership for $85,000 and became a material participant in the activity. In addition, he assumed responsibility for $30,000, which was his share of the partnership's existing liabilities. He withdrew $15,000 from the partnership in 2021. His share of the Teal Partnership's loss for 2021 is $125,000. Determine the amount he can deduct for the loss in 2021