Mark for follow up Question 16 of 75. What is the correct order in which the four limitations on potential losses must be applied? O First, basis; second, at-risk; third, passive; and last, excess business loss. First, basis; second, passive activity; third, at-risk; and last, excess business loss. First, excess business loss; second, at-risk; third, basis; and last, passive activity. First, passive activity, second, basis; third, excess business loss; and last, at-risk. Mark for follow up