Merv has a basis in his ABCGeneral Partnership interest on January 1, 2019 of $80.000 Ho materially participates in the partnership, and therefore the passive activity loos rues do not apply. Morv received a k-1 showing his share of partnership short term capital gains of $10,000 his share tax exempt income of $20.000 and his share of ordinary loss of $120,000 How much of the ordinary loss may Merv deduct on his 2019 federal income tax retum ? OA 500,000 OB. $80,000 OC $120,000 OD. $110,000