Problem 11-52 (Algorithmic) (LO. 2, 3, 7) Five years ago Gerald invested $146,000 in a passive activity, his sole investment venture. On January 1, 2020, his amount at risk in the activity was $29,200. His shares of the income and losses were as follows: Year Income (Loss) 2020 ($43,800) 2021 (29,200) 2022 116,800 Gerald holds no suspended at-risk or passive activity losses at the beginning of 2020. If an answer is zero, enter "0". a. If losses were limited only by the at-risk rules, how much can Gerald deduct in 2020 and 2021? Year Loss Allowed Suspended 2020 ($43,800) $ $ 2021 ($ 29,200) Total b. Refer to the information in part (a) above. If losses were limited by the at-risk and the passive activity loss rules, how much would Gerald be able to deduct in 2020 and 2021? Of the allowable at-risk loss for 2020, Gerald may deduct $ in 2020 due to the passive loss rules and of the allowable at-risk loss from 2021, Gerald may deduct $ in 2021 due to the passive loss rules. c. Assuming Gerald has $116,800 income in 2022, (and considering both at-risk and passive activity loss rules), what is the amount of Gerald's suspended losses at the end of 2022? Suspended under the at-risk rules: $ . Suspended under the passive activity loss rules: $ What is his taxable income for 2022? $ At the end of 2022, what is the amount of Gerald's adjusted basis in the activity? $