Bob and Jill each own$$ one$-$half the stock of Petro $$Corporation$,$ an S corporation. During the current year$($assume a$$ non$-$leap year$),$ Petro earns $ $12$ comma $000$ per month of ordinary income. On April$5,$ Jill sells her entire stock interest to Dot. The corporation sells a business asset on August $18$ and realizes a $ $68$ comma $000$ Sec. $1231$ gain.

Requirement

What alternatives$($if any$)$ exist for allocating Petro$\text{'}$s current year$$ income?

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Part $1$

$$First$,$ select an alternative for allocating Petro$\text{'}$s current year income.

Petro can use the

$$

method.