ng Problem 4-11 (Algorithmic) Passive Loss Limitations (LO 4.8) Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1993. He also acquired a rental house in 2021, which he actively manages. During 2021, Walter's share of the partnership's losses was $26,500, and his rental house generated $36,500 in losses. Walter's modified adjusted gross income before passive losses is $114,000. If an amount is zero, enter "0". a. Calculate the amount of Walter's allowable loss for rental house activities for 2021. b. Calculate the amount of Walter's allowable loss for the partnership activities for 2021. c. What may be done with the unused losses, if anything? The unused losses may be carried years. back 2 tax years to reduce forward tax years until used back 2 tax years then forward until used c. What may be done with the unused losses, if anything? The unused losses may be carried years. to reduce income in those active passive portfolio any type of N income in those