$97.$ An individual owns $100\%$ of the stock of an S corporation. At the beginning of the year, the basis for that stock is $$210,000.$

During the year, the corporation has ordinary income of $$80,000,$ municipal bond tax$-$exempt interest income of $$10,000,$ taxable bond income of $$3,000,$ long$-$term capital losses of $$20,000,$ and a short$-$term capital loss of $$5,000$

The corporation's tax year is the same as the calendar year.

What is the individual's basis at the end of the year?

$$ $$210,000$

$$ $$275,000$

$278,000$

$$ $$303,000$

$12.$ How do corporations account for federal income tax expense for tax purposes?

O As a favorable temporary adjustment

O As a favorable permanent adjustment

O As an unfavorable permanent adjustment

O As an unfavorable temporary adjustment

$13.$ How do corporations account for entertainment expense for tax purposes?

O As an unfavorable permanent adjustment

O As an unfavorable temporary adjustment

O As a favorable permanent adjustment

O As a favorable temporary adjustment

$115.$ Partners A and B formed a partnership five years ago by contributing $$50,000$ each. Prior to any distributions, Partner A had a basis of $$44,000.$ On December $31,$ the partnership made a nonliquidating distribution of $$50,000$ cash.

What is the amount of recognized gain or loss and the resulting basis in the partnership from this distribution?

$$ $$0$ gain, $50$ basis

$$ $$6,000$ capital gain, $$0$ basis

$$ $$6,000$ capital loss, $$0$ basis

$$6,000$ capital gain, $$44,000$ basis