George is a limited partner in the GLH Partnership. His basis is $40,000 before considering the current year operations, and includes his $20,000 share of the partnerships recourse debt and his $10,000 share of a nonrecourse debt. The nonrecourse debt is not qualified nonrecourse financing. GLH reported a $200,000 loss for the year, of which Georges 40% share is $80,000. George has passive income of $50,000 from another activity (not eligible for the special rental real estate deduction). How much of the $80,000 loss can George deduct this year?