Question: In the case study from Chapter 8, why isn't Raphael allowed to deduct any of his passive losses from Schedule K-1 (1065)? He earned too

In the case study from Chapter 8, why isn't Raphael allowed to deduct any of his passive losses from Schedule K-1 (1065)?
He earned too much money in 2021.
His Alternative Minimum Tax (AMT) was added back in.
Raphael's net business loss was added to the passive losses.
He had no ordinary passive income to offset the passive losses.

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