Joubert and Norman each have a fifty percent (50%) ownership Interest in Denise Partnership. Each partner has an adjusted Basis in her Partnership interest of $100,000. Denise Partnership's Taxable income for the current year is $80,000 and it distributes $50,000 to each partner, Joubert's basis in her Partnership Interest at the end of the year is 5140,000 True False QUESTIONS An S Corporation shareholder's basis in her stock is increased by that shareholder's share of profits of the Corporation but not by a share of increases in the abilities (debts) of the S Corporation True False