Problem 11-52 (Algorithmic) (LO. 2, 3, 7) Five years ago Gerald invested $134,000 in a passive activity, his sole investment venture. On January 1, 2021, his amount at risk in the activity was $33,500. His shares of the income and losses were as follows: Year 2021 2022 2023 Income (Loss) ($37,520) (49,580) 59,630 Gerald holds no suspended at-risk or passive activity losses at the beginning of 2021. If an answer is zero, enter "0". a. If losses were limited only by the at-risk rules, how much can Gerald deduct in 2021 and 20227 Year Loss 2021 ($37,520) 2022 ($49,580) Total Allowed Suspended 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 2021 and 2022? of the allowable at-risk loss for 2021, Gerald may deduct s in 2021 due to the passive loss rules and of the allowable at risk loss from 2022, Gerald may deduct s in 2022 due to the passive loss rules. c. Assuming Gerald has $59,630 income in 2023, (and considering both at-risk and passive activity loss rules), what is the amount of Gerald's suspended losses at the end of 2023? Suspended under the at-risk rules: $ Suspended under the passive activity loss rules: S What is his taxable income for 2023? At the end of 2023, what is the amount of Gerald's adjusted basis in the activity? $