4. The Haas Corp., a calendar year S corporation, has two equal shareholders. For the year ended December 31 , year 6 , Haas had net income of $60,000, which included $50,000 from operations and $10,000 from investment interest income. There were no other transactions that year. Each shareholder's basis in the stock of Haas will increase by: a. $50,000 b. $30,000 c. $25,000 d. $0 5. Zinco Corp. was a calendar year S corporation. Zinco's S status terminated on April 1 , year 6, when Case Corp. became a shareholder. During year 6 (365-day calendar year). Zinco had nonseparately computed income of $310,250. If no election was made by Zinco, what amount of the income, if any, was allocated to the S short year for year 6 ? a. $233,750 b. $155,125 c. $76,500 d. $0 6. The Matthew Corporation, an S corporation, is equally owned by three shareholdersEmily, Alejandra, and Kristina. The corporation is on the calendar year basis for tax and financial purposes. On April 1 of the current year, Emily sold her one-third interest in the Matthew Corporation equally to the other two shareholders. For the current year, the corporation had nonseparately stated ordinary income of $900,000. For the current year, how much ordinary income should be allocated to Kristina on her Schedule K-1? a. $25,000 b. $75,000 c. $337,500 d. $412,500 7. After a corporation's status as an S corporation is revoked or terminated, how many years is the corporation required to wait before making a new S election, in the absence of IRS consent to an earlier election? a. 1 b. 3 c. 5 d. 10