On january 1, x9, gerald received his 50% profits and capital interest in high air, llc in exchange for $2,000 in cash and real property with a $3,000 tax basis secured by a $2,000 nonrecourse mortgage. high air reported a $15,000 loss for its x9 calendar year. how much loss can gerald deduct, and how much loss must he suspend if he only applies the tax basis loss limitation? a. $0, $4,000 b. $0, $7,500 c. $0, $15,000 d. $4,000, $0 e. none of the above