Select the correct passive form of the given sentence.

He incurred heavy losses in business.

Heavy losses were incurred in business by him.

The correct passive form of the given sentence is Heavy losses were incurred in business by him.

The active voice of the sentence is He incurred heavy losses in business. This sentence is in the simple past tense, which is used to describe an action that happened in the past. The passive voice of the sentence is formed by putting the subject of the active sentence after the verb "to be" and the past participle of the main verb. In this case, the subject of the active sentence is "he" and the main verb is "incur." The past participle of "incur" is "incurred." So, the passive form of the sentence is Heavy losses were incurred in business by him.

The other options are incorrect because:

• Heavy losses are being incurred in business by him. is in the present progressive tense, which is used to describe an action that is happening now. The action of incurring heavy losses in business is not something that is happening now.
• Heavy losses is incurred in business by him. is grammatically incorrect. The verb "is" is singular. The subject of the sentence is "heavy losses," which is plural.
• Heavy losses was incurred in business by him. is also grammatically incorrect. The verb "was" is singular. The subject of the sentence is "heavy losses," which is plural.