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

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. Jack and Jill are owners of UpAHill, an S corporation. They own 25 and 75 percent, respectively. a) What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the information above? Assume that UpAHill Corporation has $100,000 of qualified property (unadjusted basis) in both years. b) Complete UpAHill's Form 1120-S, Schedule K, for year 1. c) Complete Jill's Form 1120-S, Schedule K-1, for year 1. Dogo 11 10 . Jack and Jill are owners of UpAHill, an S corporation. They own 25 and 75 percent, respectively. a) What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the information above? Assume that UpAHill Corporation has $100,000 of qualified property (unadjusted basis) in both years. b) Complete UpAHill's Form 1120-S, Schedule K, for year 1. c) Complete Jill's Form 1120-S, Schedule K-1, for year 1. Dogo 11 10