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Jack and Jill are owners of UpAHill, an S Corporation. They own 25 and 75 percent, respectively. Problem 17.50 Part a (Static) What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the in above? Assume that UpAHill Corporation has $100,000 of qualified property (unadjusted basis) in both years. o. What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the information above? Assume that UpAHill Corporation has $100,000 of qualified property (unadjusted basis) in both years. Assume Jack and Jil, 25 and 75 percent shareholders, respectively, in UpAHill Corporation, have tax bases in their shares at the beginning of year 1 of $24,000 and $56,000, respectively. Also, assume no distributions were made. Given the income statemen below, what are their tax bases in their shares at the end of year 1 ? Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of Falcons Corporation. In year 1. Julio and Milania each received distributions of $15,000 from Falcons Corporation. Problem 17-52 Part a (Static) 0. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $200.000 of qualified property (unadjusted basis)

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