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Assume Joe Harry sells his 25 percent interest in Joe's S Corporation, to Tyrone on...

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Accounting

Assume Joe Harry sells his 25 percent interest in Joe's S Corporation, to Tyrone on January 29. Using the daily allocation method, how much income does Joe Harry report if Joe's S Corporation, earned $265,000 from January 1 to January 29 and a total of $3,832,500 from January 1 through December 31(365 days)?
Multiple Choice
$66,250
$294,000
$76,125
$265,000
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