Question: Question 7 2 pts Dried Fruit Corp. has had a valid S Corp election in effect at all times since its incorporation. The Dried Fruit

Question 7 2 pts Dried Fruit Corp. has had a valid S Corp election in effect at all times since its incorporation. The Dried Fruit Corp. stock is owned one-third by Raisin and two-thirds by

Question 7 2 pts Dried Fruit Corp. has had a valid S Corp election in effect at all times since its incorporation. The Dried Fruit Corp. stock is owned one-third by Raisin and two-thirds by Prune. All shareholders are US resident citizen individuals. At the beginning of the current year, Raisin's basis in his shares was $33,000 and Prune's basis in her shares was $11,000. During the current year, Dried Fruit Corp. earned $198,000 of net income from operations. Raisin's share was $66,000; Prune's share was $132,000. On July 1st, Dried Fruit Corp. distributed $88,000 to Raisin and $176,000 to Prune. How much gain does Raisin recognize as a result of this transaction? O $22.000 O $0 O $11,000 O $33,000 Question 9 2 pts Dried Fruit Corp. has had a valid S Corp election in effect at all times since its incorporation. The Dried Fruit Corp. stock is owned one-third by Raisin and two-thirds by Prune. All shareholders are US resident citizen individuals. At the beginning of the current year, Raisin's basis in his shares was $48,000 and Prune's basis in her shares was $16,000. During the current year, Dried Fruit Corp. earned $288,000 of net income from operations. Raisin's share was $96,000; Prune's share was $192,000. On December 31st, Dried Fruit Corp. distributed Grapeacre (real property) having a fair market value of $96,000, and a basis of $64,000, to Raisin and Plumacre (real property) having a fair market value of $192,000 and a basis of $176,000, to Prune. How much gain does Raisin recognize as a result of this transaction? O $16,000 O $0 O $48,000 O $32,000 Question 10 2 pts Dried Fruit Corp. has had a valid S Corp election in effect at all times since its incorporation. The Dried Fruit Corp. stock is owned one-third by Raisin and two-thirds by Prune. All shareholders are US resident citizen individuals. At the beginning of the current year, Raisin's basis in his shares was $75,000 and Prune's basis in her shares was $25,000. During the current year, Dried Fruit Corp. earned $450,000 of net income from operations. Raisin's share was $150,000; Prune's share was $300,000. On December 31st, Dried Fruit Corp. distributed Grapeacre (real property) having a fair market value of $150,000, and a basis of $100,000, to Raisin and Plumacre (real property) having a fair market value of $300,000 and a basis of $275,000, to Prune. How much gain does Prune recognize as a result of this transaction? O $75,000 O $0 O $25,000 O $50,000

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