Noelle, the owner of all of the shares of ClockCo, an S corporation, transfers her stock to Grayson on April ClockCo reports a $ NOL for the entire tax year, but only $ of the loss occurs during JanuaryMarch.
Assume days in a year. Round per day computations to five decimal places. Round final answers to the nearest dollar.
Without a shortyear election, how much of the loss is allocated to Noelle and how much is allocated to Grayson?
Noelle's loss allocation: $fill in the blank
wrong answer
Grayson's loss allocation: $fill in the blank
wrong answer
If the corporation makes the shortyear election, how much of the loss is allocated to Grayson?
$fill in the blank
correct answer
