Assuming Gerald has $50,000 income in 2020, (and considering both at-risk and passive activity loss rules), what is the amount o
f Gerald's suspended losses at the end of 2020?
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?
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?
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