Rainbow Corporation, an S corporation, uses the calendar year as its tax year. Bentley, Abby, and Clayton own 30, 60, and 10 shares, respectively, of the Rainbow stock. Clayton's basis for his stock is $50,000 on January 1 of the current year (assume a non-leap year). On June 30, Abby gifted one-half of her stock to Mickey. On November 30, Clayton sold his stock to Mickey for $70,000. Rainbow reports the following results for the current year: (Click the icon to view the results.) Read the requirements. Requirement a. What amount of income, loss, or deduction do the four shareholders report (assuming the corporation makes no special allocation election)? (Enter all amounts as positive numbers. Use a 365-day year for computations. Do not round intermediary calculations. Only round the amount you enter into the input field to the nearest dollar.) Allocation to Shareholder Ordinary income Long-term capital loss Charitable contributions Help me solve Bentley Requirements Abby Clayton Mickey Total a. What amount of income, loss, or deduction do the four shareholders report (assuming the corporation makes no special allocation election)? b. What gain or loss does Clayton recognize when he sells the Rainbow stock? Data table Ordinary income 110,000 - Long-term capital loss Charitable contributions 14,000 7,000 - Print Done er