23.Walter, a single taxpayer, purchased a limited partnership interest in a tax shelter in 1993. He also acquired a rental house in 2020, which he actively manages. During 2020, Walter's share of the partnership's losses was $28,000, and his rental house generated $48,500 in losses. Walter's modified adjusted gross income before passive losses is $115,500.

If an amount is zero, enter "0".

a. Calculate the amount of Walter's allowable loss for rental house activities for 2020. $fill in the blank 4a2efd083fb2021_1

b. Calculate the amount of Walter's allowable loss for the partnership activities for 2020. $fill in the blank df2f29fc0059fee_1

c. What may be done with the unused losses, if anything?

The unused losses may be carried

back to previousforward to futureback to previous and forward to future

tax years indefinitely, to reduce

activepassiveportfolioany type of

income in those years.