John, age 52, earns a salary of $200,000 as a software developer at a technology company. He has an investment portfolio valued at $2,500,000 and expects the holdings to grow at an average of 9% per year. Last year, he received a total of $47,000 in dividends and interest from the portfolio. He has decided to invest $35,000 of this money into a 15% interest in a passive activity this year. The activity resulted in a loss for the year, and John's share of the loss is $50,000. How much of the loss, if any, is deductible by John in the current year. How much, if any, is carried forward to future years? Explain your rationale for the answers by reference to the at-risk and passive loss rules.