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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 2015 under both the daily allocation and the specific identification allocation method? Refer to the following table for the timing of SleepEZ's income. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Period Income January 1 through April 17 (107 days) 128,000 April 18 through December 31 (258 days) 406,000 January 1 through December 31, 2015 (365 days) $534,000 a. There are no sales of SleepEZ stock during the year. Income Reported Daily Allocation Specific ldentification Method Method Winkin Blinkin Nod
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