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Required information [The following information applies to the questions displayed below.] Julio and Milania are...

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Required information [The following information applies to the questions displayed below.] 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 $14,000 from Falcons Corporation. 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 $210,000 of qualified property (unadjusted basis)

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