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Passive Loss Limitations ( LO4.8 ) Walter, a single taxpayer, purchased a limited partnership interest...

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Passive Loss Limitations ( LO4.8 ) Walter, a single taxpayer, purchased a limited partnership interest in a tax sheiter in 1995. He also acquired a rental house in 2022, which he actively manages. During 2022, Walter's share of the partnership's losses was $17,500, and his rental house generated $38,000 in losses. Walter's modified adjusted gross income before passive losses is $118,500. If an amount is zero, enter " 0 ". a. Calculate the amount of Walter's allowable loss for rental house activities for 2022 . $ b. Calculate the amount of Walter's allowable loss for the partnership activities for 2022 . \$ c. What may be done with the unused losses, if anything? The unused losses may be carried to reduce income in those years

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