Problem 11-52 (Algorithmic) (LO. 2, 3, 7) Five years ago Gerald invested $166,000 in a passive activity, his sole investment venture. On January 1, 2018, his amount at risk in the activity was $33,200. His shares of the income and losses were as follows: Year 2018 Income (Loss) ($49,800) (33,200) 53,200 2019 2020 Gerald holds no suspended at-risk or passive activity losses at the beginning of 2018. C. Assuming Gerald has $50,000 income in 2020, (and considering both at-risk and passive activity loss rules), what is the amount of Gerald's suspended losses at the end of 2020? Suspended under the at-risk rules: $ 0 Suspended under the passive activity loss rules: $ 0 X What is his taxable income for 2020? $ 0 At the end of 2020, what is the amount of Gerald's adjusted basis in the activity? $