0. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $200.000 of qualified property (unadjusted basis). Required information Problem 22-52 (LO 22-3) (Algo) [The following information applies to the questions displayed below]. Julio and Milania are owners of Faicons Corporation, an S corporation. Each owns 50 percent of Falcans Corporation. In year 1. Julio and Milania each received distributions of \$14,000 from Falcons Corporation. Problem 22-52 Part a (Algo)