Problem 4-11 (Algorithmic) Passie loss Limitation ( L48) Waltes a single taxpayer purchased a limited partnership interest in a tax shelter in 1990. He also acquired a rental house in 2019, which he actively manages. During 2019, Walter's share of the partnership's losses was $13.000, and his rental house generated $48,500 in losses. Walter's modified adjusted gross income before passive losses is $139.500 If an amount is zero, enter ". a. Calculate the amount of Walter's allowable loss for rental house activities for 2019. b. Calculate the amount of Walter's allowable loss for the partnership activities for 2019 What may be done with the unused losses The unused lores may be carried anything? tax years to reduce