Under the at-risk rules, deductions are limited to the sum of all of the following amounts, EXCEPT:

a. money invested in the activity

b. amounts borrowed for use in the activity for which the taxpayer is personally liable

c. amounts borrowed for use in the activity for which the taxpayer has pledged property not used in the activity as security

d. amounts borrowed for use in the activity that are nonrecourse financing

e. taxpayer's share of the activity's income (in excess of deductions)