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Please help with ordinary income and qualified business income. Thank you! Julio...

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Accounting

Please help with ordinary income and qualified business income. Thank you! image
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 11-52 Part a (Static) a. 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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