Question 8 (5.25 points) Saved Listen Billy Ray owns several parcels of rental real estate, and he actively participates in managing the properties. His total loss from these activities in 2020 is $30,000 and his AGI for 2020is $110,000. For how many years may the disallowed loss be carried forward? 1) The disallowed loss may be carried forward for 15 years, but only after it has been carried back for 3 years. 2) The disallowed loss may not be carried forward. 3) The disallowed loss may be carried forward indefinitely until the property is sold or until certain other subsequent events occur. 4) The disallowed loss may be carried forward for 15 years.