On January 1, X9, Gerald received his 50 percent profits and capital interest in High Air, LLC, in exchange for $2,500 in cash and real property with a $3,500 tax basis secured by a $2,500 nonrecourse mortgage. High Air reported a $15,500 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? Multiple Choice $0 $4,750. $0. $7,750. $0, $15,500 $4,750. $0. None of the choices are correct.