Assume Jack and Jill, 25 and 75 percent shareholders in UpAHill corporation, have tax bases in their shares at the beginning of year 1 of $24,000 and...

Assume Jack and Jill, 25 and 75 percent shareholders in UpAHillcorporation, have tax bases in their shares at the beginning of year 1 of $24,000and $56,000, respectively. Also assume no distributions were made. Given theincome statement above, what are their tax bases in their shares at the end ofyear 1?