Problem 11-52 (Algorithmic) (LO. 2, 3, 7) Five years ago Gerald invested $184,000 in a passive activity, his sole investment venture. On January 1, 2018, his amount at risk in the activity was $36,800. His shares of the income and losses were as follows: Year 2018 Income (Loss) ($55,200) (36,800) 56,800 2019 2020 Gerald holds no suspended at-risk or passive activity losses at the beginning of 2018. If an answer is zero, enter "0". a. If losses were limited only by the at-risk rules, how much can Gerald deduct in 2018 and 2019? Year Loss Allowed Suspended 2018 ($55,200) $ 36,800 18,400 2019 ($36,800) 36,800 Total 55,200 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 2018 and 2019? of the allowable at-risk loss for 2018, Gerald may deducts 1 in 2018 due to the passive loss rules and of the allowable at-risk loss from 2019, Gerald may deduct $ in 2019 due to the passive loss rules. C. Assuming Gerald has $56,800 income in 2020, (and considering both at-risk and passive activity loss rules), what is the amount of Gerald's suspended losses at the end of 20207 . Suspended under the at-risk rules: $ . Suspended under the passive activity loss rules: $ What is his taxable income for 2020? $ At the end of 2020, what is the amount of Gerald's adjusted basis in the activity? $