Rose Louise, from the previous questions, materially participates in Sing Out Productions, but does not materially participate in Gypsy Enterprises. Neither of the activities involve rental real estate. Her only other income is from Form W-2. If there were any remaining losses after applying the first two loss limitations, which of the two activities, if any, will have to apply the Passive Loss Limitation? Sing Out Productions. Gypsy Enterprises. Both Sing Out Productions and Gypsy Enterprises. Neither Sing Out Productions or Gypsy Enterprises