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! Required information (The following information applies to the questions displayed below.) Winkin, Blinkin, and Nod are equal shareholders in Sleepez, an S corporation. In
! Required information (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 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period January 1 through February 12 (42 days) February 13 through December 31 (323 days) January 1 through December 31, 2021 (365 days) Income $ 128,000 362,000 $ 490,000 (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) a. There are no sales of SleepEZ stock during the year. Income Reported Daily Specific Allocation Identification Method Method Winkin Blinkin Nod b. On February 12, 2021, Blinkin sells his shares to Nod. Income Reported Daily Specific Allocation Identification Method Method Winkin Blinkin Nod c. On February 12, 2021, Winkin and Nod each sell their shares to Blinkin. Income Reported Daily Specific Allocation Identification Method Method Winkin Nod Blinkin
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