Rental Activities 9-29 12.) Passive Activities. (Obj. 3) A taxpayer owned four passive activities. Net income (loss) for each activity is shown below. Passive Activity Gross Income $12,000 Deductions Net Income (or Loss) $ 8,000 $ 4,000 20,000 3,000 32,000 (12,000) (3,000) 14,000 6,000 12,000 2,000 a. What is the amount of passive loss that can offset passive income in the current year? b. What is the amount of passive loss that is carried forward for each activity