The Special Allocation opportunities that are available to Partnerships are not avallable to s Corporations. True False QUESTION 12 Evelyn and Grassity each own one-half(1/2) of the stock of Phillips Corporation, an Corporation. Each shareholder has an Adjusted Basis in her stock of $100,000. Phillips Corporation has no Accumulated Earnings And Profits (E&P). Philips Corporation's Taxable income for the current year is $80,000 and it distributes $50,000 to each shareholder. Evelyn's basis in her stock at the end of the year is $140,000. False True