Eric and denise are partners in ed partnership. eric owns 60% capital, profits and loss interest. ed's only liabilities are $50,000 in accounts payable. In august ed borrowed $120,000 on a nonrecouse basis from delta bank. the loan is secured by property with a $230,000 fmv. ed has a $200,000 ordinary loss during the current year. How much loss can eric and denise recognize?