ABC Was Formed as a Calendar-Year S Corporation with Alan,Brenda

question 32

Essay

ABC was formed as a calendar-year S corporation with Alan,Brenda and Conner as equal shareholders.On May 1,2017,ABC's S election was terminated after Conner sold his ABC shares (one-third of all shares)to his solely owned C corporation Conner,Inc.ABC reported business income for 2017 as follows (assume that there are 365 days in the year):
If ABC uses the specific identification method to allocate income,how much will it allocate to the S corporation short year and C corporation short year?

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Definitions:

Rapid Subduction

A geologic process involving the quick descent of one tectonic plate beneath another plate into the mantle, often leading to significant geological events like earthquakes and volcanism.

Shield Volcanoes

These are characterized by their extensive size and gentle slopes, produced by the effusion of low-viscosity lava that can travel far from the source.

Basalt Lava

Molten rock that emerges from the earth during a volcanic eruption, characterized by its high iron and magnesium content, and low viscosity.

Flood Basalts

Extensive flows of basaltic lava that cover large areas of land or the ocean floor, resulting from massive eruptions.