Required information

Skip to question

$[$The following information applies to the questions displayed below.$]$

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 $2022$ under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income.

Period Income

January $1$ through February $18(48$ days$)$ $ $209,000$

February $19$ through December $31(317$ days$)424,000$

January $1$ through December $31,2022(365$ days$)$ $ $633,000$

Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.

b$.$ On February $18,2022,$ Blinkin sells his shares to Nod.

Answer rating: 100% (QA)

The Answer is in the image, click to view ... View the full answer