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What is the amount of gerald adjusted basis in the activity

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Question - Five years ago Gerald invested $124,000 in a passive activity, his sole investment venture. On January 1, 2017, his amount at risk in the activity was $24,800. His shares of the income and losses were as follows:

Year Income (Loss)

2017 ($37,200)

2018 (24,800)

2019 44,800

Gerald holds no suspended at-risk or passive activity losses at the beginning of 2017.

Assuming Gerald has $44,800 income in 2019, (and considering both at-risk and passive activity loss rules), what is the amount of Gerald's suspended passive activity losses at the end of 2019?

At the end of 2019, what is the amount of Gerald's adjusted basis in the activity?

Reference no: EM132288942

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