T-14: Billy owns several parcels of rental real estate, and he actively participates in managing the properties. His total loss from these activities in 2018 is $30,000 and his AGI for 2018 is $110,000. How much of the disallowed loss from rental real estate activities may be carried over to future years?

a. 0%

b. 10%

c. 50%

d. 100%

Please show your calculations. Thanks.