Award: 2.50 points On January 1, X9, Gerald received his 50 % profits and capital interest in High Air, LLC in exchange for $4,000 in cash and real property with a $3,000 tax basis secured by a $2,000 nonrecourse mortgage. High Air reported a $12,000 loss for its X9 calendar year How much loss can Gerald deduct, and how much loss must he suspend if he only applies the tax basis loss limitation