Project Facts: Sunshine Company is a calendar year accrual-basis taxpayer and is in its first year of operations. Sunshine Company had the following income, expense, and loss items for the current year: Sales $990,000 Corporate dividend (from 5% owned corporation) 90,000 Municipal bond interest 50,000 Long-term capital gain 6,000 Short-term capital loss (12,000) Cost of goods sold 400,000 Depreciation 116,000 Nondeductible fines 11,000 Advertising 14,000 Utilities 5,000 Rent 13,000 Furthermore, Sunshine's liabilities (all recourse) increased from $0 on 1/1 to $600,000 on 12/31 of the current year. 3) Assume that Sunshine Company is a general partnership. Alvin contributed $72,000 in exchange for a 60% partnership interest when it was formed this year. Ann contributed $48,000 in exchange for a 40% partnership interest at that same time. Neither made any other contribution to the partnership this year. Alvin received a $5,000 per month guaranteed payment ($60,000 in total) while Ann received no guaranteed payment (as specified in the partnership agreement). The company made a $35,000 partial distribution of profits at the end of the year. (11 points) a) Calculate partnership ordinary income (loss) and separately stated items to be reported on Form 1065 b) What amounts and types of taxable income or gain, deductible expense or loss must Alvin report on his individual Form 1040 tax return? You may ignore the possibility of a QBI deduction associated with this income when considering Form 1040 items to be included in Alvin's taxable income calculation c) What amount of Alvin's income will be subject to self-employment tax? d) What is Alvin's basis in his Sunshine Company partnership interest at the end of the year