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? 0.9 points 8 01:52:17 UPAHill Corporation (an S corporation) Income Statement December 31, Year 1 and Year 2 Year 1 Sales revenue $175,000 Cost of goods sold (60,000) Salary to owners Jack and Jill (40,000) Employee wages (15, 000) Depreciation expense (10,000) Miscellaneous expenses (7,500) Interest income (related to business) 2,000 Qualified dividend income 500 Overall net income $ 45,000 eBook Year 2 $310,000 (85,000) (50,000) (20,000) (15,000) (9,000) 2,500 1,000 $134,500 Print References Tax Basis Jack Jill