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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 specific identification allocation method, how much income does Joe Harry report if Joe's S Corp., Inc. earned $195,000 from January 1 to January 29 and a total of $365,000 from January 1 through December 31 (365 days)?

  • $7,000.

  • $48,750.

  • $28,000.

  • $195,000.

  • None of the choices are correct.

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