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III. PROPERTY DISTRIBUTIONS Roger is a SON owner in the Fed Company. The adjusted basis of his ownership interest is $100,000. Fed distributes to Roger property with an adjusted basis of $12.000 and a fair market value of $20,000. Determine the amount of income Roger must report from the distribution and his basis in the property under the following entity types Amount of income Roger recognizes Roger's basis in the property Fed is operated as ain): General partnership C corporation Scorporation IV. OWNERSHIP BASIS On January 1, 2018, Ricky contributed $150,000 cash for a 75% ownership interest in Talladega Company. During the year, Taliadega produced a 550,000 profit, made distributions to the owners of $10.000 (57.500 was to Richyl and had $60,000 in liabilities at December 31. Required: Determine Ricky's basis in her ownership interest at December 31 under the assumptions below. Hint: remember that Ricky is only a 75% owner). Show your computations for partial credit. A Talladega is organized as a general partnership. Talladega is organized as a corporation. Talladega is organized as an 5 corporation V. C-CORPORATION DIVIDEND DISTRIBUTIONS: Complete the following schedule of corporate dividend distribution taxation for the shareholder. Assume that current losses accrue ratably throughout the year, and that the corporation uses a calendar year for tax purposes Accumulated E&P Current Cash Distribution Date of Ordinary Beginning of year E&P Distribution Dividend Income $40,000 $35,000 $90,000 8/31 (60,000) 40,000 15,000 3/31 50,000 (40,000) 35,000 12/31 6/30 100,000 (30.000 (120,000) 60.000 50,000 75.000 11/30