Answer:
Ordinary Income allocation $12,600
Tax-exempt interest allocation$210
Charitable contribution allocation $714
Explanation:
Ordinary Income allocation:
For 20% ownership: $60,000 * [20% * (292/365)] = 9,600
For 25% ownership: $60,000 * [25% * (73/365)] = 3,000
Total 9,600 + 3,000 = $12,600
Tax-exempt interest allocation:
For 20% ownership: $1,000 * [20% * (292/365)] = 160
For 25% ownership: $1,000 * [25% * (73/365)] = 50
Total 160 + 50 = $210
Charitable contribution allocation:
For 20% ownership: $3,400 * [20% * (292/365)] = 544
For 25% ownership: $3,400 * [25% * (73/365)] = 170
Total 544 + 170 = $714
