Assume Joe Harry Sells His 25percent Interest in Joe's S

question 99

Multiple Choice

Assume Joe Harry sells his 25percent interest in Joe's S Corporation, to Tyrone on January 29. Using the daily allocation method, how much income does Joe Harry report if Joe's S Corporation, earned $200,000 from January 1 to January 29 and a total of $1,460,000 from January 1 through December 31 (365 days) ?

• A)$29,000
• B)$50,000
• C)$112,000
• D)$200,000
• E)None of the choices are correct.

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