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Wanda is a 20 percent owner of Video Associates, which is treated as a passthrough entify for federal income tax purposes. This year, Wanda was

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Wanda is a 20 percent owner of Video Associates, which is treated as a passthrough entify for federal income tax purposes. This year, Wanda was allocated $45,000 of ordinary income from Video Associates, $1,000 of tax-exempt interest income, and $2,000 of nondeductible expenses. Wanda also received a $10,000 distribution from Video Associates this year. At the beginning of the year, Video Associates had outstanding debt of $100,000. At the end of the year, the entity's outstanding debts increased to $130,000. Required: a. If Video Associates is a partnership, and her basis in her partnership interest at the beginning of the year is $30,000, determine Wanda's tax basis in her partnership interest at year-end. b. If Video Associates is an S corporation, and her basis in her S corporation stock at the beginning of the year is $10,000, determine Wanda's tax basis in her corporate stock at year-end. Complete this question by entering your answers in the tabs below. If Video Associates is a partnership, and her basis in her partnership interest at the beginning of the year is $30,000, determine Wanda's tox basis in her partnership interest at year-end

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