On January 1, Year 1, Ginger, an individual, paid $24,000 for 7 percent of the stock in Root Corp, an S corporation. In November Year 1. he loaned $12,000 to Root Corp. in return for a promissory note. Root Corp. generated a $690,000 operating loss in Year 1 . Root Corp. generated $417,000 ordinary business income in Year 2 Required: o. How much of Ginger's share of this income is included in his Year 2 taxable income? b. Compute Ginger's basts in his Root Corp. stock and his Root Corp. note at the end of Year 2 c. How would your answers to parts a and b change if Root Corp.'s ordinary business income was only $229,000 ? Complete this question by entering your answers in the tabs below. a. How much of Ginger's share of this income is included in his Year 2 taxable income? b. Compute Ginger's basis in his Root Corp, stock and his Root Corp. note at the end of Year 2 . On January 1. Year 1, Ginger, an individual, paid $24,000 for 7 percent of the stock in Root Corp, an S corporation. In November Year 1 , he loaned $12,000 to Root Corp. in return for a promissory note. Root Corp. generated a $690,000 operating loss in Year 1 . Root Corp. generated $417,000 ordinary business income in Year 2 Required: a. How much of Ginger's share of this income is included in his Year 2 taxable income? b. Compute Ginger's basis in his Root Corp. stock and his Root Corp. note at the end of Year 2. c. How would your answers to parts a and b change if Root Corp 's ordinary business income was only $229,000 ? Complete this question by entering your answers in the tabs below. How would your answers to parts a and b change if Root Corp.s ordinary business income was only 5229,000