Question
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
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 28 (58 days) $ 152,000 February 29 through December 31 (307 days) 418,000 January 1 through December 31, 2022 (365 days) $ 570,000 Note: 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 B. On February 28, 2022, Blinkin sells his shares to Nod. C. On February 28, 2022, Winkin and Nod each sells his shares to Blinkin
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