Question: answers I have input might be wrong Problem 11-52 (Algorithmic) (LO. 2, 3, 7) Five years ago Gerald invested $190,000 in a passive activity, his

answers I have input might be wrong Problem 11-52 (Algorithmic) (LO. 2,3, 7) Five years ago Gerald invested $190,000 in a passive activity,answers I have input might be wrong

Problem 11-52 (Algorithmic) (LO. 2, 3, 7) Five years ago Gerald invested $190,000 in a passive activity, his sole investment venture. On January 1, 2020, his amount at risk in the activity was $38,000. His shares of the income and losses were as follows: Year Income (Loss) 2020 ($57,000) (38,000) 2021 2022 152,000 Gerald holds no suspended at-risk or passive activity losses at the beginning of 2020. If an answer is zero, enter "O". a. If losses were limited only by the at-risk rules, how much can Gerald deduct in 2020 and 2021? Year Loss Allowed Suspended 2020 ($57,000) 30,000 27,000 2021 ($ 38,000) 0 38,000 Total 65,000 b. Refer to the information in part (a) above. If losses were limited by the at-risk and the passive activity loss rules, how much would Gerald be able to deduct in 2020 and 2021? Of the allowable at-risk loss for 2020, Gerald may deduct $ in 2020 due to the passive loss rules and of the allowable at- risk loss from 2021, Gerald may deducts in 2021 due to the passive loss rules. c. Assuming Gerald has $152,000 income in 2022, (and considering both at-risk and passive activity loss rules), what is the amount of Gerald's suspended losses at the end of 2022? Suspended under the at-risk rules: $ Suspended under the passive activity loss rules: $ What is his taxable income for 2022? $ At the end of 2022, what is the amount of Gerald's adjusted basis in the activity? $

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