Denise is the sole shareholder of the Palm Printing Corp (S corp). Denise has a stock basis of $35,000 in Palm Printing. During the year, Palm Printing Corp: a) had operating income of $15,000 b) distributed cash to Denise of $20,000 C) distributed property (printing equipment) to Denise, FMV $45,000 basis $25,000. 1. What is Denise's income for the year? 2. What is Denise's basis at the end of the year