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In 2019, Liam invested $100,000 for a 25% interest in a partnership involved in an activity in which he is a material participant. The partnership

In 2019, Liam invested $100,000 for a 25% interest in a partnership involved in an activity in which he is a material participant. The partnership reported losses of $340,000 in 2019 and $180,000 in 2020 with Liam's share being $85,000 in 2019 and $45,000 in 2020. How much of the losses can Liam deduct?

a.None of these.b.$85,000 in 2019, $0 in 2020.c.$85,000 in 2019, $15,000 in 2020.d.$85,000 in 2019, $45,000 in 2020.e.$0 in 2019, $0 in 2020.

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