Calculate ordinary income and Capital Gain 4 Two shareholder P and Q formed S-Corporation on 01/01/2017. P contributed cash 150,000 and Q contributed equipment valued at $200,000 and basis of 150,000. During the year P loaned $100,000 to corpration 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 200,000 -50,000 -40,000 -10,000 30,000 40,000 15,000 10,000 -8,000 -4,000 2 Calculate Separately and Non Separately reported items I 3 Calculate Basis of each shareholder at the end of year