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The Cain Corporation elected S status for the year, and their ordinary taxable income was $300,000. Cain also had $100,000 of long term capital gains
The Cain Corporation elected S status for the year, and their ordinary taxable income was $300,000. Cain also had $100,000 of long term capital gains in the first month of the year. Brenda owns 40% of Cain for the last 50 days of the year. How much income would Brenda be allocated? Round all numbers up to the nearest dollar throughout your calculations.
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