Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2022 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period January 1 through February 12 (42 days) February 13 through December 31 (323 days) January 1 through December 31, 2022 (365 days) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Income $ 128,000 362,000 $ 490,000
Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2022 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period January 1 through February 12 (42 days) February 13 through December 31 (323 days) January 1 through December 31, 2022 (365 days) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Income $ 128,000 362,000 $ 490,000
Chapter22: S Corporations
Section: Chapter Questions
Problem 36P
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Transcribed Image Text:Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much
income should each report from SleepEZ for 2022 under both the daily allocation and the specific identification allocation
methods? Refer to the following table for the timing of SleepEZ's income.
Period
January 1 through February 12 (42 days)
February 13 through December 31 (323 days)
January 1 through December 31, 2022 (365 days)
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.
Problem 22-49 Part b (Algo)
b. On February 12, 2022, Blinkin sells his shares to Nod.
Winkin
Blinkin
Nod
Answer is not complete.
Income Reported
Daily
Allocation
Method
Specific
Identification
Method
$ 163,333 $
$ 18,794 $
$ 192,698
163,333
18,794
Income
$ 128,000
362,000
$ 490,000
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