Problem $22-51($LO $22-3,$ LO $22-4)($Static$)$

Assume Jack and Jill, $25$ and $75$ percent shareholders, respectively, in UpAHill Corporation, have tax bases in their shares at the beginning of year $1$ of $$24,000$ and $$56,000,$ respectively. Also, assume no distributions were made. Given the income statement below, what are their tax bases in their shares at the end of year $1?$

$\backslash$table$[[,$Tax Basis at the end of Year $1],[$Jack$,],[$Jill$,]]$