Problem: Module 7 Textbook Problem 7 Learning Objectives: - 7.6 Adjust the tax bosis in o partnership interest - 7-7 Apply the basis limitation on the deduction of partnership losses On January 1, Year 1. Ginger, an individual, paid $23.000 for 6 percent of the stock in Root Corp. an S corporation. In November Year 1, he loaned $11.000 to Root Corp. In return for a promissory note. Root Corp. generated a $680,000 operating loss in Year 1 , Root Corp. generated $416,000 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 $228.000 ? Complete this question by entering your answers in the tabs below. 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