1. Problem 6-34 (Algorithmic) (LO. 5, 6, 8)

   Five years ago, Gerald invested $186,000 in a passive activity, his sole investment venture. On January 1, 2017, his amount at risk in the activity was $37,200. His shares of the income and losses were as follows:

   Year	Income (Loss)
   2017	($55,800)
   2018	(37,200)
   2019	57,200

   Gerald holds no suspended at-risk or passive activity losses at the beginning of 2017.

   If an answer is zero, enter "0".

   a. If losses were limited only by the at-risk rules, how much can Gerald deduct in 2017 and 2018?

   Year	Loss	Allowed	Suspended
   2017	($55,800)	$	$
   2018	($37,200)
   Total			$

   b. Refer to the information in part (a) above. Assuming Gerald has $57,200 income in 2019, what is his taxable income from the activity in 2019 under at-risk rules? $

   c. If losses were limited by the at-risk and passive activity loss rules, how much would Gerald be able to deduct in 2017 and 2018?

   2017: $

   2018: $

   d. Assuming Gerald has $57,200 income in 2019, (and considering both at-risk and passive activity loss rules), what is the amount of Gerald's suspended passive activity losses at the end of 2019? $

   At the end of 2019, what is the amount of Gerald's adjusted basis in the activity? $