Question - 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. Calculate how much loss Gerald can deduct. Then, using your answer, submit the amount of loss Gerald must suspend if he only applies the tax basis loss limitation.