Exercise 18-2 (Algorithmic) (LO. 4) Mira and Lemma are equal owners of a business entity. Each contributed $102,000 cash to the business. Then the entity acquired a $408,000 loan from a bank. This year operating profits totaled $122,400. Determine Lemma's basis in her interest at the end of the tax year assuming that the entity is a partnership, a C corporation, or as corporation a. If the entity is a partnership, Mira and Lemma each have a basis of $ o x at the end of the year. b. If the entity is a C corporation, Mira and Lemma each have a basis of $ o x at the end of the year. c. If the entity is an s corporation, Mira and Lemma each have a basis of $ o x at the end of the year. Feedback Check My Work Under the conduit concept, the entity is viewed as merely an extension of the ow entity is regarded as being separate and distinct from its owners