Peter owns all the stock of McDonald Corporation, an S Corporation. Peter's basis for the 1,000 shares is $55,000. On June 15 of the current year (assume a non leap year), Peter gifts 100 shares of stock to his young brother Gavin, who has been working in the business for one year. McDonald Corporation reports $50,000 of ordinary income for the current year.

Requirements:

What amount of income is allocated to Peter? To Gavin? (Use a 365- day year for computations. Do not round intermediary calculations. Only round the amount after you enter the input field to the nearest dollar.)

Peter owns at the stock of McDonald Corporation, an corporation. Peter's basis for the 1,000 shares is $55.000. On June 15 of the current year (assume a non-top year), Peter gifts 100 shares of stock to his younger brother Gavin, who has been working in the business for one year. McDonald Corporation reports $50,000 of ordinary income for the current year. Requirement What amount of income is allocated to Peter? To Gavin? (Ube a 315-day year for computations. Do not found intermediary calien. Onty round the amount you enter in the routfold to the nearest dolor) Ordinary income allocated Peter Gavin