Problem: Module 7 Textbook Problem 7 Learning Objectlves: - 7-6 Acljust the tox basis In a partnershlp Interest - 7.7 Apply the besis IImitation on the deduetion of partnership losses On January 1, Year 1, Ginger, an individual, paid $24,000 for 6 percent of the stock in Root Corp., an S corporation. In November Year 1 , he loaned $12,000 to Root Corp. in return for a promissory note. Root Corp. generated a $790,000 operating loss in Year 1 . Root Corp. generated $427,000 ordinary business income in Year 2. Requlred: 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.'s ordinary business income was only $239,000 ? 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. Requlred: 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.'s ordinary business income was only $239,000 ? Complete this question by entering your answers in the tabs below. How would your answers to parts a and b change if Root Corp.'s ordinary business income was only $239,000