On January $1,$ X$9,$ Gerald received his $50$ percent profits and capital interest in High Air, LLC$,$ in exchange for $$3,300$ in cash and real property with a $$4,300$ tax basis secured by a $$3,300$ nonrecourse mortgage. High Air reported a $$16,300$ loss for its X$9$ calendar year. How much loss can Gerald deduct, and how much loss must he suspend if he only applies the tax basis loss limitation$?$

Multiple Choice

$$0,$ $$5,950$

$$0,$ $$8,150$

$$0,$ $$16,300$

$$5,950,$ $$0$

None of the choices are correct.