Art owns all of the stock of Santa Fe, Inc. a calendar-year S corporation. Art materially participates in Sante Fe’s business. Art’s stock basis at the beginning of the current year is $20,000. He also loaned $15,000 to Santa Fe. During the current year Sante Fe had an ordinary loss of $37,000. No distributions or other items of income or loss are reported. How much loss may Art deduct for the current year?