Problem 11-49 (LO. 2, 3, 7) A number of years ago, Lee acquired a 20% interest in the BlueSky Partnership for $60,000. The partnership was profitable through 2018, and Lee's amount at risk in the partnership interest was $120,000 at the beginning of 2019. BlueSky incurred a loss of $400,000 in 2019 and reported income of $200,000 in 2020. Assuming that Lee is not a material participant, how much of his loss from BlueSky Partnership is deductible in 2019 and 2020? Consider the at-risk and passive activity loss rules, and assume that Lee owns no other passive investments. If an amount is zero, enter "0". In 2019, Lee's share of BlueSky's loss is $ 80,000 . of this loss, $ 80,000 activity loss rules. In 2020, his amount at-risk is $ 40,000 x . Lee may deduct $ loss rules. This leaves a $ 40,000 suspended loss at the end of 2020. X can be deducted under the passive 40,000 under the passive activity