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REQUIRED: COMPLETE THE BELOW BOX TITLED INCOME REPORTED FOR EACH OF THE BELOW SCENARIO: a.) There are no sales of SleepEZ stock during the year.
REQUIRED: COMPLETE THE BELOW BOX TITLED "INCOME REPORTED" FOR EACH OF THE BELOW SCENARIO:
a.) There are no sales of SleepEZ stock during the year.
b.) On May 29, 2018, Blinkin sells his shares to Nod.
c.) On May 29, 2018, Winkin and Nod each sell their shares to Blinkin.
Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2018 under both the daily allocation and the specific identification allocation method? Referto the following table for the timing of SleepEZ's income. Period January 1 through March 14 (73 days) March 15 through December 31 (292 days) Income 170,000 349,000 January 1 through December 31, 2018 (365 days) 519,000 Do not round intermediate calculetions. Round your final answers to the nearest whole dollar amount) Income Reported Daily Method Specific Allocation Identification Method Winkin Blinkin Nod
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