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Mary purchased 40 percent of an S corporation on February 28 of the current year and sells a 20 percent interest on November 30. If
Mary purchased 40 percent of an S corporation on February 28 of the current year and sells a 20 percent interest on November 30. If the corporation reports $10,000 of income for the year, what income does it report on Marys Schedule K-1. a. $7,534 b. $3,014 c. $4,000 d. $3,184 e. None of the above
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