18 ) In 2021, Wang invests $80,000 for a 20% interest in a partnership in which he is a material participant. The partnership incurs a loss with $100,000 being Wang's share. Which of the following statements is incorrect?

a.Wang's nondeductible loss of $20,000 can be carried over and used in future years (subject to the at-risk provisions).

b.Wang's $100,000 loss is nondeductible in 2021 and 2022 under the passive activity loss provisions.

c.If Wang has taxable income of $40,000 from the partnership in 2022 and there are no other transactions that affect his at-risk amount, he can use all of the $20,000 loss carried over from 2021.

d.Since Wang has only $80,000 of capital at risk, he cannot deduct any more than this amount against his other income.