On January 1, Year 1. Ginger, an individual, paid $24,000 for 6 percent of the stock in Root Corp. an corporation. In November Year 1, he loaned $12,000 to Root Corp. In return for a promissory note. Root Corp. generated a $790,000 operating loss in Year 1. Root Corp, generated $427,000 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 $239,000? Reg A and B ReqC 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. Amount Taxable income $ 17,600 Adjusted basis $ 7,600 $ 10,000 Root Stock Root Note Rog Anna Reqc > Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg A and B Reqc How would your answers to parts a and b change if Root Corp.'s ordinary business income was only $239,000? Amount $ 8,200 Taxable income Adjusted basis Root Stock $ 0 Root Note $ 8.200