2009 At the beginning of Year 1 Ms. Mushroom, an individual, purchased a 20 percent interest in Fungi Partnership for $20,000. Ms. Mushroom's Schedule K 1 reported that her share of Fungi's debt at year-end was $14,000, and her share of ordinary loss was $30,000. On January 1, Year 2, Ms, Mushroom sold her interest to another partner for $2.200 cash. Required: a. How much of her share of Fungi's loss can Ms. Mushroom deduct on her Year 1 tax return? b. Compute Ms. Mushroom's recognized gain on sale of her Fungi Partnership interest c. How would your answers to parts a and b change if Fungi were an Scorporation instead of a partnership? Complete this question by entering your answers in the tabs below. Required A Required B Required How much of her share of Fungi's loss can Ms. Mushroom deduct on her Year 1 tax return? Doduction At the beginning of Year 1 Ms. Mushroom, an Individual, purchased a 20 percent interest in Fungi Partnership for $20,000 Ms. Mushroom's Schedule K-1 reported that her share of Fungi's debt at year end was $14,000, and her share of ordinary loss was $30,000. On January 1 Year 2. Ms Mushroom sold her interest to another partner for $2,200 cash. Required: a. How much of her share of Fungi's loss can Ms. Mushroom deduct on her Year 1 tax return? b. Compute Ms. Mushroom's recognized gain on sale of her Fungi Partnership interest c. How would your answers to parts a and change of Fungi were an Scorporation instead of a partnership? Complete this question by entering your answers in the tabs below. Required A Required B Required Compute Ms. Mushroom's recognized gain on sale of her Fungi Partnership Interest, Good At the beginning of Year 1 Ms. Mushroom, an individual purchased a 20 percent interest in Fungi Partnership for $20.000. Ms. Mushroom's Schedule K 1 reported that her share of Fungi's debt at year end was $14,000, and her share of ordinary loss was $30,000. On January 1, Year 2. Ms Mushroom sold her interest to another partner for $2.200 cash Required: a. How much of her share of Fungi's loss can Ms. Mushroom deduct on her Year 1 tax return? b. Compute Ms. Mushroom's recognized gain on sale of her Fungl Partnership interest. c. How would your answers to parts a and change if Fungi were an S corporation instead of a partnership? Complete this question by entering your answers in the tabs below. Required a Required B Required C How would your answers to parts a and b change if Fungi were an Scorporation instead of a partnership? Amount Deduction Gain recognized