Problem 11-52 (Algorithmic) (LO. 2, 3, 7) Five years ago Gerald invested $198,000 in a passive activity, his sole investment venture. On January 1, 2019, his amount at risk in the activity was $39,600. His shares of the income and losses were as follows: Year Income (Loss) 2019 ($59,400) 2020 (39,600) 2021 59,600 Gerald holds no suspended at-risk or passive activity losses at the beginning of 2019. If an answer is zero, enter "0". a. If losses were limited only by the at-risk rules, how much can Gerald deduct in 2019 and 2020? Year Loss Allowed Suspended 2019 ($59,400) 39,600 19,800 2020 ($39,600) 39,600 Total $ 59,400 C. Assuming Gerald has $59,600 income in 2021, (and considering both at-risk and passive activity loss rules), what is the amount of Gerald's suspended losses at the end of 2021? Suspended under the at-risk rules: $ 0 Suspended under the passive activity loss rules: $ What is his taxable income for 2021? $ o At the end of 2021, what is the amount of Gerald's adjusted basis in the activity? $ 200