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I need help with this problem Problem 11-52 (Algorithmic) (LO. 2,3, 7) Five years ago Gerald invested $122,000 in a passive activity, his sole investment
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Problem 11-52 (Algorithmic) (LO. 2,3, 7) Five years ago Gerald invested $122,000 in a passive activity, his sole investment venture. On January 1, 2016, his amount at risk in the activity was $24,400. His shares of the income and losses were as follows: real 2016 2017 2018 Income (Loss) ($36,600) (24,400) 44,400 Gerald holds no suspended at-risk or passive activity losses at the beginning of 2016. If an answer is zero, enter "O". a. If losses were limited only by the at-risk rules, how much can Gerald deduct in 2016 and 2017? Allowed Year Loss 2016 ($36,600) 2017 ($24,400) 12,200 24,400 $36,600 0 TotalStep by Step Solution
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