Use of Losses by Shareholders. Monte and Allie each owns 50% of Raider Corporation, an S corporation. Both individuals actively participate in Raider's business. On January 1, Monte and Allie have adjusted bases for their Raider stock of $80,000 and $90,000 respectively. During the current year, Raider reports the following results: Ordinary loss $175,000 Tax-exempt interest income 20,000 Long-term capital loss 32,000 Raider's balance sheet at year-end shows the following liabilites: accounts payable, $90,000; mortgage payable, $30,000; and note payable to Allie, $10,000. a. What income and deductions will Monte and Allie report from Raider's current year activities b. What is Monte's stock basis and debt basis on December 31? c. What loss carryovers are available for Monte and Allie? d. Explain how the use of the losses in Part a would change if instead Raider were a partnership and Monte and Allie were partners who shared profits, losses, and liabilites equally