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): How much 2017 income is allocated to each shareholder if CB corp. uses the daily method of allocating income?

Question

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):  How much 2017 income is allocated to each shareholder if CB corp. uses the daily method of allocating income?

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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):  How much 2017 income is allocated to each shareholder if CB corp. uses the daily method of allocating income?

CB Corporation Was Formed as a Calendar-Year S Corporation