iion. Each owns 50 percent of Falcons Corporation. In Julio and Milania are owners of Falcons Corporation, ai year 1, Jullo and Milania each recelved distributions of $15, vuv from Falcons Corporation. a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $200,000 of qualifled property (unadjusted basis)