owns all the stock of Francis Corporation, an S corporation. Nicholas's basis for the 1,000 shares is $105,000. On June 20 of the current year (assume a non-leap year), Nicholas gifts 100 shares of stock to his younger brother John, who has been working in the business for one year. Francis Corporation reports $100,000 of ordinary income for the current year. Requirement What amount of income is allocated to Nicholas? To John? (Use a 365-day year for computations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) Question content area bottom Part 1 Ordinary income allocated Nicholas John