Orange Partnership is a calendar year partnership with the following current year information:

Operating loss	$ (120,000)
Liabilities:
Note payable, City Bank	20,000
Note payable, Jack Crow	20,000

On January 1, John James bought 50% general interest in Orange Partnership for $30,000. How much of the operating loss may John deduct on his Form 1040? Assume the excess business loss limitation does not apply.