Help Save 7 Check my work Problem: Module 7 Textbook Problem 7 Learning Objectives 7-6 Adjust the tax basis in a partnership Interest 7.7 Apply the basis limitation on the deduction of partnership losses int Per On January 1 Yeart Ginger, an individual, paid $27000 for 7 percent of the stock in Root Corp. an corporation. In November Year 1 he loaned $9,000 to Root Corp. in return for a promissory note. Root Corp. generated a $720,000 operating loss in Yeart Root Corp. generated $420,000 ordinary business income in Year 2 Required: a. How much of Ginger's share of this income is included in his Year 2 taxable income? b. Compute Ginger's basis in his Root Corp, stock and his Root Corp, note at the end of Year 2 c. How would your answers to parts a and b change if Root Corp's ordinary business income was only $232.0007 Complete this question by entering your answers in the tabs below. Red A and B Reac 3. How much of Ginger's share of this income is included in his Year 2 taxable income? b. Compute Ginger's basis in his Root Corp, stock and his Root Corp. note at the end of Year 2 Amount Table income Adjusted basis Root Stock Root Note Regc > Complete this question by entering your answers in the tabs below. Req A and B ReqC How would your answers to parts a and b change if Root Corp's ordinary business income was only $232,000? Amount Taxable income Adjusted basis Root Stock Root Note