Req C!!!

7 Check my werk Problem Module 7 Textbook Problem 7 Learning Objectives 76 Adjust the tax basis in a partnership Interest 7.7 Apply the basis limitation on the deduction of partnership losses pos On January 1 Yeart Ginger an individual paid $27000 for 7 percent of the stock in Root Corp. an corporation in November Yeart he loaned $9.000 to Root Corp. in return for a promissory note. Root Corp generated $720.000 operating loss in Yeart Root Corp generated $420,000 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 Gingerbosis in his Root Corp stock and his Root Corp note at the end of Year 2. How would your answers to parts and change it Root Corp. ordinary business income was only $232.000? Complete this question by entering your answers in the tabebulow Reg Aand How would your answers to parts and change if Root Corp. ordinary business income was only $232.000 Amount Taxable income Adjusted Root Stock Root Note 5 Res A and