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What is the amount of geralds suspended passive losses

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Reference no: EM131178547

Question:

Five years ago Gerald invested $102,000 in a passive activity, his sole investment venture. On January 1, 2014, his amount at risk in the activity was $20,400. His shares of the income and losses were as follows:

Year

Income (Loss)

2014

($30,600)

2015

(20,400)

2016

40,400


Year

Loss

Allowed

Disallowed

2014

($30,600)

$

$

2015

($20,400)


Total

$


Considering both at-risk and passive loss rules, what is the amount of Gerald's suspended passive losses at the end of 2016? $

At the end of 2016, what is the amount of Gerald's adjusted basis in the activity? $

Reference no: EM131178547

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