28 Ross contributed $100,000 to acquire a limited partnership interest in a new real estate development. The contribution entitled him to 20% of the partnership profits or losses. During the first year, the partnership lost $400,000. During the second year, the partnership lost $300,000. Ross never personally guaranteed any of the partnership debts. Which of the following statements is FALSE? a) The most that Ross can lose as a limited partner is $100,000 b) Ross can deduct $80,000 from his other sources of income in the first year. c) Ross can deduct 560,000 from his other sources of income in the second year. d) If Ross takes an active role in the business, he can lose more than $100,000 because he will lose his limited liability status