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Jullo and Milania are owners of Falcons Corporation, an S cotporation. Each owns 50 percent of Falcons Corporation in year 1, Julio and Misania each

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Jullo and Milania are owners of Falcons Corporation, an S cotporation. Each owns 50 percent of Falcons Corporation in year 1, Julio and Misania each received distributions of $15,000 from Falcons Corporation. 0. What amount of ordinary income and seporately stated items are allocated to thern for yeaf 1 oased on the information above? Assume that Falcons Corporation rias $2.00.000 of qualifed property funsodjusted basis) 0. What amount of ordinaty income and separately stated items ace allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $200,000 of qualified property (unadjusted basis)

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