Problem 6-33 (Algorithmic) (LO. 5, 6, 8) Five years ago, Gerald invested $180,000 in a passive activity, his sole investment venture. On January 1, 2019, his amount at risk in the activity was $36,000. His shares of the income and losses were as follows: Income (Loss) ($54,000) 2020 (36,000) 2021 56,000 Year 2019 Gerald holds no suspended at-risk or passive activity losses at the beginning of 2019. If an answer is zero, enter "o". a. If losses were limited only by the at-risk rules, how much can Gerald deduct in 2019 2020? Year Loss Allowed Suspended 2019 ($54,000) 2020 ($35,000) 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 2019 and 2020? of the allowable at-risk loss for 2019, Gerald may deducts in 2019 due to the passive loss rules and of the allowable at- risk loss from 2020, Gerald may deduct $ in 2020 due to the passive loss rules. C. Assuming Gerald has $55,000 income in 2021, (and considering both at-risk and passive activity loss rules), what is the amount of Gerald's suspended losses at the end of 2021? Suspended under the at-risk rules: $ Suspended under the passive activity loss rules: s What is his taxable income for 2021? At the end of 2021, what is the amount of Gerald's adjusted basis in the activity? s Problem 6-33 (Algorithmic) (LO. 5, 6, 8) Five years ago, Gerald invested $180,000 in a passive activity, his sole investment venture. On January 1, 2019, his amount at risk in the activity was $36,000. His shares of the income and losses were as follows: Income (Loss) ($54,000) 2020 (36,000) 2021 56,000 Year 2019 Gerald holds no suspended at-risk or passive activity losses at the beginning of 2019. If an answer is zero, enter "o". a. If losses were limited only by the at-risk rules, how much can Gerald deduct in 2019 2020? Year Loss Allowed Suspended 2019 ($54,000) 2020 ($35,000) 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 2019 and 2020? of the allowable at-risk loss for 2019, Gerald may deducts in 2019 due to the passive loss rules and of the allowable at- risk loss from 2020, Gerald may deduct $ in 2020 due to the passive loss rules. C. Assuming Gerald has $55,000 income in 2021, (and considering both at-risk and passive activity loss rules), what is the amount of Gerald's suspended losses at the end of 2021? Suspended under the at-risk rules: $ Suspended under the passive activity loss rules: s What is his taxable income for 2021? At the end of 2021, what is the amount of Gerald's adjusted basis in the activity? s