Question: 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

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 2019, which he actively manages. During 2019, Walter's share of the partnership's losses was $23,500, and his rental house generated $41,000 in losses. Walter's modified adjusted gross income before passive losses is $115,500.

If an amount is zero, enter "0".

a. Calculate the amount of Walter's allowable loss for rental house activities for 2019. $...............................

b. Calculate the amount of Walter's allowable loss for the partnership activities for 2019. $...............................

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