5. At the beginning of the tax year, Barnaby's basis in BBB Partnership was $50,000, including his $5,000 share of partnership debt. At the end of the tax year, his share of debt was $9,000. His share of the partnership's income for the year was $20,000, and he received Guaranteed Payments totaling $12,000. In addition, his share of the partnership's nontaxable income was $1,000. How much is Barnaby's basis at the end of the tax year? Show your calculations. 6. Keith owns 60 shares of stock in Purple Corporation. The remaining 40 shares are owned by the following relatives of Keith: Keith's wife (5); Keith's son (2); Keith's daughter (3); Keith's father (10); Keith's brother (6); and Keith's aunt (14). Required: complete the blanks: a. Keith is deemed to own a total of shares in Purple Directly b. Keith is deemed to own a total of shares in Purple Indirectly. 7. Silver Corporation has 2,000 shares of common stock outstanding. Howard owns 600, Howard's grandfather owns 300, Howard's mother owns 300, Howard's brother owns 100, Maroon Corporation owns 700 shares. Howard owns 40% of Maroon. Required: Applying the stock attribution rules, how many shares is Maroon Corporation deemed to own (Directly and Indirectly) in Silver Corporation. 8. Lori has a 20% interest in a partnership that owns 30 shares in White Corporation. In applying the IRC 318 Stock attribution rules, how many shares is Lori deemed to own (directly and indirectly)? 5. At the beginning of the tax year, Barnaby's basis in BBB Partnership was $50,000, including his $5,000 share of partnership debt. At the end of the tax year, his share of debt was $9,000. His share of the partnership's income for the year was $20,000, and he received Guaranteed Payments totaling $12,000. In addition, his share of the partnership's nontaxable income was $1,000. How much is Barnaby's basis at the end of the tax year? Show your calculations. 6. Keith owns 60 shares of stock in Purple Corporation. The remaining 40 shares are owned by the following relatives of Keith: Keith's wife (5); Keith's son (2); Keith's daughter (3); Keith's father (10); Keith's brother (6); and Keith's aunt (14). Required: complete the blanks: a. Keith is deemed to own a total of shares in Purple Directly b. Keith is deemed to own a total of shares in Purple Indirectly. 7. Silver Corporation has 2,000 shares of common stock outstanding. Howard owns 600, Howard's grandfather owns 300, Howard's mother owns 300, Howard's brother owns 100, Maroon Corporation owns 700 shares. Howard owns 40% of Maroon. Required: Applying the stock attribution rules, how many shares is Maroon Corporation deemed to own (Directly and Indirectly) in Silver Corporation. 8. Lori has a 20% interest in a partnership that owns 30 shares in White Corporation. In applying the IRC 318 Stock attribution rules, how many shares is Lori deemed to own (directly and indirectly)