CB Corporation was formed as a calendar-year S corporation. Casey is a 60% shareholder and Bryant is a40% shareholder. On September 30, 2017, Bryant sold his CB shares to Don. CB reported business income for2017 as follows (assume that there are 365 days in the year):Period 530,000January 1 through December 31 $730,000How much 2017 income is allocated to each shareholder if CB uses its normal accounting rules to allocate income to the specific periods in which it was actually earned?

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The Answer of CB Corporation was formed as a calendar-year S corporation. Casey is a 60% shareholder and Bryant is a40% shareholder. On September 30, 2017, Bryant sold his CB shares to Don. CB reported business income for2017 as follows (assume that there are 365 days in the year):Period 530,000January 1 through December 31 $730,000How much 2017 income is allocated to each shareholder if CB uses its normal accounting rules to allocate income to the specific periods in which it was actually earned?

CB Corporation Was Formed as a Calendar-Year S Corporation