Entity was formed during 2013, Chris acquired a 25% interest in the Entity on 1/1/17 by transferring property worth $65,000 in which she had basis of $50,000. At 1/1/17, the Entity had recourse debt of $200,000. During 2017, Chris loaned $20,000 to the Entity, 25% of the entity items for the year are as follows: Loss from operations LTCG . Municipal bond interest income ($130,000) 10,000 8,000 1,000 2,000 Charitable contributions Interest expense related to muni bond In addition, during the year, Chris received a distribution of $12,000. If the entity is a C corporation, the distribution is a dividend. At 12/31/17, the Entity's balance sheet shows recourse debt balance of $100,000. The Chris Loan balance remains unchanged. Required: 1. Assume Entity is a General Partnership - Compute Chris's outside 2. Assume Entity is an S Corporation (and has always been) - 3. Assume Entity is a C Corporation and the distributions represent basis Compute Chris's outside basis. dividends to the shareholders. Compute Chris's outside basis. HTML Editor Entity was formed during 2013, Chris acquired a 25% interest in the Entity on 1/1/17 by transferring property worth $65,000 in which she had basis of $50,000. At 1/1/17, the Entity had recourse debt of $200,000. During 2017, Chris loaned $20,000 to the Entity, 25% of the entity items for the year are as follows: Loss from operations LTCG . Municipal bond interest income ($130,000) 10,000 8,000 1,000 2,000 Charitable contributions Interest expense related to muni bond In addition, during the year, Chris received a distribution of $12,000. If the entity is a C corporation, the distribution is a dividend. At 12/31/17, the Entity's balance sheet shows recourse debt balance of $100,000. The Chris Loan balance remains unchanged. Required: 1. Assume Entity is a General Partnership - Compute Chris's outside 2. Assume Entity is an S Corporation (and has always been) - 3. Assume Entity is a C Corporation and the distributions represent basis Compute Chris's outside basis. dividends to the shareholders. Compute Chris's outside basis. HTML Editor