Thompson’s basis in Starlight Partnership was $60,000 at
the beginning of the year. Thompson materially participates in
the partnership’s business. Thompson received $20,000 in cash
distributions during the year. Thompson’s share of Starlight’s
current operations was a $65,000 ordinary loss and a $15,000 net
long-term capital gain. What is the amount of Thompson’s deductible
loss for the period?