Problem: Module 7 Textbook Problem 7 Learning Objectives: 7-6 Adjust the tax bosis in a partnership interest 7.7 Apply the basis limitation on the deduction of partnership losses On January 1, Year 1. Ginger, an individual paid $27,000 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: o. 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. ordinary business income was only $232.0007 Complete this question by entering your answers in the tabs below. RogA and Reg 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 Amount Taxable income Adjusted basis Root Stock Root Note RARA Reqc > Complete this question by entering your answers in the tabs below. Reg A and B Reqja 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