30- Rodgers, Inc., a calendar year S corporation, is partly owned by Mohammed, whose beginning stock basis is $50,000. During the year, Mohammeds share of a Rodgers short-term capital gain is $10,000, and his share of an ordinary loss is $45,000. Mohammed then receives a $35,000 cash distribution. How much of the loss may Mohammed deduct in the current year?

Answer: $ .............................

31- Megan's basis was $120,000 in the MYP Partnership interest just before she received a proportionate current (nonliquidating) distribution consisting of land held for investment (basis of $100,000, fair market value of $130,000) and inventory (basis of $80,000, fair market value of $70,000). After the distribution, Megan's bases in the received assets are, respectively:

a.$50,000 (land) and $70,000 (inventory).

b.$120,000 (land) and $0 (inventory).

c.$40,000 (land) and $80,000 (inventory).

d.$100,000 (land) and $20,000 (inventory).