Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of Falcons Corporation, In year 1, Julio and Mitania each recerved distributions of $15,000 from Falcons Corporation. 0. What amount of ordinacy income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $230,000 of qualified property (unadjusted basis) o. 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 $230.000 of qualified property (unadjusted basis) Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of Falcons Corporation, In year 1, Julio and Mitania each recerved distributions of $15,000 from Falcons Corporation. 0. What amount of ordinacy income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $230,000 of qualified property (unadjusted basis) o. 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 $230.000 of qualified property (unadjusted basis)