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An S corporation is owned equally by shareholders Blake and Cheryl on the first day of the calendar year (not a leap year). On May
An S corporation is owned equally by shareholders Blake and Cheryl on the first day of the calendar year (not a leap year). On May 27 of the current year, Blake sells his shares to Gail. If the S corporation earned $120,000 of ordinary taxable income during the year, Gails pro rata share of S corporation income for the year will be
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