Jack and Jill are owners of UpAHill, an S corporation.

Jack and Jill are owners of UpAHill, an S corporation. They own 25 and 75 percent, respectively.
Jack and Jill are owners of UpAHill, an S corporation.

a. What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the information above?
b. Complete UpAHill's Form 1120S, Schedule K for year 1.
c. Complete Jill's 1120S, Schedule K-1 for year 1.

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