Passive Activity Loss Limitation.

Corporation M (not a closely held or personal service corporation) is a 25% general partner in the MNOP Partnership, which operates a manufacturing business. Individuals N and O are 25% general partners, while individual P is a 25% limited partner. Partner N works full time in the partnership business, while the other general partners only participate in making occasional management decisions concerning broad aspects of MNOP's operations. At the beginning of the current year, each partner had an outside basis and at-risk amount in the partnership of $100,000. For the current year, MNOP generated a $480,000 operating loss. Assuming that none of the partners has any passive-activity income, determine how much MNOP's loss each partner may deduct in the current year.