Q/ P is a partner of a partnership having a 25% profit interest and a 100% loss interest. P, along with the other 3 partners, contributed $10,000 to the partnership. The partnership obtained a $60,000 nonrecourse loan and purchased depreciable personal property for $100,000 which it leased. Without regard to depreciation, the partnership operated at break even. The property was 5 year property and the partnership used the straight line method of depreciation with the result that there was a $20,000 of depreciation and a $20,000 loss each year, all of which was allocable to P. Assume that $15,000 of the nonrecourse debt was allocable to P. May P deduct the $20,000 loss in Year 1?