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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 $200,000 from January 1 to January 28 and a total of $1,460,000 from January 1 through December 31 (365 days)?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M945419

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