Ross contributed $100,000 to acquire a limited partnership interest in a new real estate development. The contribution entitled him to 20% of the partnership profits or losses. During the first year, the partnership lost $400,000. During the second year, the partnership lost $300,000. Ross never personally guaranteed any of the partnership debts. Which of the following statements is FALSE? a) The most that Ross can lose as a limited partner is $100,000. b) Ross can deduct $80,000 from his other sources of income in the first year. c) Ross can deduct $60,000 from his other sources of income in the second year. d) If Ross takes an active role in the business, he can lose more than $100,000 because he will lose his limited liability status