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Axel and Rose set up an S corporation. Axel contributes cash of $50,000 and Rose...

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Accounting

Axel and Rose set up an S corporation. Axel contributes cash of $50,000 and Rose contributes land worth $50,000 (her basis is $30,000). Axel lends the corporation $10,000. A. What is the basis for Axel and Rose? B. What is the tax effect on Axel if the following occurs: Year one: his share of the undistributed income is $20,000 Year two: his share of the corporation loss is $75,000

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