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Assume Joe Harry sells his 25% interest in Joe's S Corp., Inc. to Tyrone on...

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Accounting

Assume Joe Harry sells his 25% interest in Joe's S Corp., Inc. to Tyrone on January 29. Using the daily allocation method, how much income does Joe Harry report if Joe's S Corp., Inc. earned $225,000 from January 1 to January 29 and a total of $2,372,500 from January 1 through December 31 (365 days)?

  • $47,125.

  • $56,250.

  • $182,000.

  • $225,000.

  • None of the choices are correct.

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