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How much income is allocated to each shareholder

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Problem - CB Corporation was formed as a calendar-year S corporation. Casey is a 60 percent shareholder and Bryant is a 40 percent shareholder. On September 30, 2019, Bryant sold his CB shares to Don. CB reported business income for 2019 as follows: (Assume that there are 365 days in the year.)

Period

Income

January 1 through September 30 (273 days)

$203,650

October 1 through December 31 (92 days)

533,650

January 1 through December 31

$737,300

Required - How much 2019 income is allocated to each shareholder if CB Corporation uses the daily method of allocating income?

Reference no: EM132720059

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