What Is the Limit of Loss Recognition on At-Risk Activities

What is the limit of loss recognition on at-risk activities?

A) $10,000
B) The taxpayer's adjusted basis in the property
C) The taxpayer's adjusted basis in the property, plus any loans for the activity where the taxpayer is personally liable, minus any previously allowed losses
D) The taxpayer's adjusted basis in the property, plus any non-recourse loans, minus any previously allowed losses