Five years ago Gerald invested $150,000 in a passive activity, his sole investment venture. On January 1, 2013, his amount at risk in the activity was $30,000. His shares of the income and losses were as follows:

                                                 

How much can Gerald deduct in 2013 and 2014? What is his taxable income from the activity in 2015? Consider the at-risk rules as well as the passive loss rules.