6 Two shareholder P and Q formed S-Corporation on 01/01/2017. P contributed cash 200,000 and Q contributed equpment valued at $300,000 and basis of 200,000. During the year P loaned $250,000 to S-corp. During the year S-Corporation incurred the following items Sales Cost of sales Depreciation Expense-Macrs Other expenses Depreciation Recapture Income Section 179 depreciation Section 1231 gain Short tem capital gain Long term capital loss Charitable Contribution 1 Calculate basis of each shareholder on 01/01/2017 2 Calculate Separately and Non Separately reported items 3 Calculate Basis of each shareholder at the end of year I 200,000 -40,000 -30,000 -20,000 30,000 20,000 20,000 10,000 -8,000 -4,000