The Profits of a Business Owned by Taylor (60%)and Maggie

True/False

The profits of a business owned by Taylor (60%)and Maggie (40%)for the current tax year are $100,000.If the business is a C corporation,there is no effect on Taylor's basis in her stock.If the business is a partnership or an S corporation,Taylor's basis in her partnership interest or basis in her stock is increased by $60,000.