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Question: assume joe harry sells his 25 interest in joes s...

Question details

Assume Joe Harry sells his 25% interest in Joe's S Corp., Inc. to Tyrone on January 29. Using the daily allocation method, how much income does Joe Harry report if Joe's S Corp., Inc. earned $185,000 from January 1 to January 29 and a total of $730,000 from January 1 through December 31 (365 days)?

Multiple Choice

  • None of the choices are correct.

  • $185,000.

  • $56,000.

  • $46,250.

  • $14,500.

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