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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
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 28 and a total of $730,000 from January 1 through December 31 (365 days)?
A.)$14,500.
B.)$46,250.
C.)$56,000.
D.)$185,000.
E.)None of the choices are correct.
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