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stellarik [79]
3 years ago
13

As of January 1 of the current year, Kane owned all the 100 issued shares of Manning Corp., a calendar

Business
1 answer:
aliina [53]3 years ago
5 0

Answer:

A) $56,750

Explanation:

Since Manning's ownership changed during the year, it must allocate income differently for the first 40 days than the remaining 325.

Kane should report the following income:

  • 100% income form Manning x 40/365 = $73,000 x 40/365 = $8,000
  • 75% income from Manning x 325/365 = $73,000 x 75% x 325/365 = $48,750
  • total income allocated to Kane = $8,000 + $48,750 = $56,750
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