146. Gene Grams is a 45% owner of a calendar year S corporation during 2013. His beginning stock basis is $230,000, and the S corporation reports the following items.Ordinary income$72,000 Short-term capital gain16,000 § 1231 loss6,000 Tax-exempt interest income5,000 Calculate Grams’s stock basis at year-end.147. Chris, the sole shareholder of Taylor, Inc., elects during 2013 to terminate the S election, effective January 1, 2014. As of the end of 2013, Taylor, Inc., holds AAA of $120,000 and OAA of $13,000. Chris receives a cashdistribution of $130,000 on January 15, 2014. If his stock basis is $220,000 before the distribution, calculate Chris’s taxable amount and his ending stock basis. 148. Individuals Adam and Bonnie form an S corporation, with Adam contributing cash of $100,000 for a 50% interest, and Bonnie contributing appreciated ordinary income property with an adjusted basis of $20,000 and a fair market value of $100,000.a.Determine Bonnie’s initial basis in her stock, assuming that she receives a 50% interest.b.The S corporation sells the property for $120,000. Determine Adam’s and Bonnie’s stock basis after the sale.c.Determine Adam’s and Bonnie’s gain or loss if the company is liquidated.