On January 1, X9, Gerald received his 50 percent profits and capital interest in High Air, LLC, in exchange for $2,000 in cash and real property with a $3,000 tax basis secured by a $2,000 nonrecourse mortgage. High Air reported a $15,000 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? points Multiple Choice (8 01:58:23 0 $0,$4,000 0 $0,$7,500 $0, $15,000. $4,000, $0. None of the choices are correct