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] and the answer is not 70,000 or 0 or 10,000 Noelle, the owner of all of the shares of ClockCo, an s corporation, transfers

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and the answer is not 70,000 or 0 or 10,000

Noelle, the owner of all of the shares of ClockCo, an s corporation, transfers her stock to Grayson on April 1. ClockCo reports a $70,000 NOL for the entire tax year, but only $10,000 of the loss occurs during January-March. Assume 365 days in a year. Round per day computations to five decimal places. Round final answers to the nearest dollar. Without a short-year election, how much of the loss is allocated to Noelle and how much is allocated to Grayson? Noelle's loss allocation: I tried to solve this question: $70,000*190/365) = 17260 or $70000*(89/365)= 17068.49 those are not correct answer.. Show transcribed image text

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