Larry recently invested $38,600 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is also $38,600. In addition, Larrys share of the limited partnership loss for the year is $3,470, his share of income from a different limited partnership was $2,250, and he had $3,100 of dividend income from the stock he owns. How much of Larry's $3,470 loss from the limited partnership can he deduct in the current year?