Merv has a basis in his ABCGeneral Partnership interest on January 1, 2019 of $80,000 .He materially participates in the partnership, and therefore the passive activity loss rules do not apply . Merv 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 return?