Assume Jack and Jill, 25 and 75 percent shareholders, respectively, in UpAHill Corporation, have tax bases in their shares at the beginning of year 1 of $24,000 and $56,000, respectively. 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? UpAHill Corporation (an S Corporation) Income Statement December 31, year 1 and year 2 Year 2 $ 175,000 $ 310,000 (60,00) (85,000) 40,0 (50,000) (15,000) (20,000) (10,009) (15,000) (7,500) (9,000) Year 1 Sales revenue Cost of goods sold Salary to owners Jack and Jill Employee wages Depreciation expense Miscellaneous expenses Interest income(related to business) Qualified dividend income Overall net income 2,500 1,000 $ 45,000 134,500 2,000 500 Tax Basis Jack Jill