Judy acquired passive Activity A in January 2009 and Activity B in July 2010. Until 2014, Activity

Question:

Judy acquired passive Activity A in January 2009 and Activity B in July 2010. Until 2014, Activity A was profitable. Activity A produced a loss of $50,000 in 2014 and a loss of $75,000 in 2015. She has $45,000 passive income from Activity B in 2014, and $35,000 in 2015. After offsetting passive income, how much of the net losses may she deduct?