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Dion, a shareholder, owned 20% of MedowBrooks stock for 292 days and 25% for the remaining 73 days in the year. Using the per-day allocation
Dion, a shareholder, owned 20% of MedowBrooks stock for 292 days and 25% for the remaining 73 days in the year. Using the per-day allocation method, compute Dions share of the following S corporation items.
Schedule K Totals | Dion's Schedule K-1 Totals | ||
Ordinary Income | $60,000 | $ | |
Tax-exempt interest | $1,000 | $ | |
Charitable contributions | $3,400 | $ |
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