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VashaNatasha [74]
3 years ago
11

Assume Joe Harry sells his 25 percent interest in Joe's S Corporation, to Tyrone on January 29. Using the specific identificatio

n allocation method, how much income does Joe Harry report if Joe's S Corporation, earned $260,000 from January 1 to January 29 and a total of $3,650,000 from January 1 through December 31 (365 days)
Business
1 answer:
sergeinik [125]3 years ago
5 0

Answer:

$65,000

Explanation:

Calculation to determine how much income does Joe Harry report if Joe's S Corporation, earned Using the specific identification allocation method

Using this formula

Income=Amount earned*Interest rate

Let plug in the formula

Income=$260,000 × 25%

Income= $65,000

Therefore Using the specific identification allocation method how much income does Joe Harry report if Joe's S Corporation, earned will be $65,000

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