1. If Bashir owned 30% of Red Corp. for all of 2020, what amount of ordinary income (or loss) is allocated to Bashir?

2. If Bashir owned 30% of Red Corp. for the first 200 days of 2020 (assume 2020 had 365 days total - ignore the leap year) and then sold all of his shares to Manuela, what amount of ordinary income is allocated to Bashir? Assume no interim closing of the books. Round your answer to the nearest whole dollar.

3. If Bashir owned 30% of Red Corp. for the first 200 days of 2020 (assume 2020 had 365 days total - ignore the leap year) and then sold all of his shares to Manuela, what amount of short-term capital gain is allocated to Bashir? Assume no interim closing of the books. Round your answer to the nearest whole dollar.

4. If Bashir owned 30% of Red Corp. for the first 200 days of 2020 (assume 2020 had 365 days total - ignore the leap year) and then sold all of his shares to Manuela, what amount of short-term capital gain is allocated to Bashir for 2020? Assume a short-year election was made when Bashir sold his shares of Red Corp.

5. If Bashir owned 30% of Red Corp. for the first 200 days of 2020 (assume 2020 had 365 days total - ignore the leap year) and then sold all of his shares to Manuela, what amount of long-term capital loss is allocated to Bashir for 2020? Assume a short-year election was made when Bashir sold his shares of Red Corp. Enter your answer as a positive number.

Notes: use the below income and expense information for Red Corp. to answer the next 10 questions. Unless otherwise indicated, assume income is earned/expenses are incurred consistently throughout the year. Bashir and Manuela are sole shareholders of Red Corp., an 5 corporation. Red Corp. had the following in 2020: $1,000,000 $300,000 Gross receipts: Cost of goods sold: Municipal bond interest: Short-term capital gain: Long-term capital loss: Compensation: $5,000 $2,750 in first 200 days; $2,250 after $12,000 stock sold on Dec. 1 $3,000 stock sold on March 1 $50,000 Utilities: $20,000 Advertising: $8,000 Charitable contribution: $10,000 donation made Feb. 1