34. Individuals I and J began a business (the "business") together on January I of Year l. I contributed propeny with a fair market value ("FMV') of S 100,000 and an adjusted basis of SS,OOO to the business and J contributed cash to the business. Each was a 50% owner. In Year I thc business camed S4,OOO income, and distributed SI,OOOcashto each of land J on October I. [n Year 2 the business suffered a loss Of SI 4,000 and distributed S 1,000 cash to each Of I and J on October I. What is initial adiusted basis (immediately aner contribution) in the business if i. It is conducted as a C Corporation i, It is conducted as a Partnership b. What income, gain or loss, if any, does recognize in Year I if thc business is conducted i. As a C Corporation i. As a Partnership c. What income, gain or loss, if any, docs A recognize in Year 2 if thc business is conducted i. As a C Corporation i. Asa Partnership i. How would the answer to c(i) and (ii) change, if at all, if the distribution in Year 2 had occurred on January I instead of October I ?