Assume Jack and Jill, 25 and 75 percent shareholders in UpAHill Corporation, have tax bases in their shares at the beginning of year 1 of $24,000 and $56,000, respectively.

UpAHill Corporation (an S Corporation)
Income Statement
December 31, year 1 and year 2
	Year 1				Year 2
Sales revenue	$	175,000			$	310,000
Cost of goods sold		(60,000	)			(85,000	)
Salary to owners Jack and Jill		(40,000	)			(50,000	)
Employee wages		(15,000	)			(20,000	)
Depreciation expense		(10,000	)			(15,000	)
Miscellaneous expenses		(7,500	)			(9,000	)
Interest income		2,000				2,500
Dividend income		500				1,000
Overall net income	$	45,000			$	134,500

Also assume no distributions were made. Given the income statement above, what are their tax bases in their shares at the end of year 1?