Exercise $12-15($Algorithmic$)($LO$.6)$

Noelle, the owner of all of the shares of ClockCo, an S corporation, transfers her stock to Grayson on April $1.$ ClockCo reports a $$288,000$

NOL for the entire tax year, but only $$43,200$ of the loss occurs during January$-$March.

Assume $365$ days in a year. Round per day computations to five decimal places. Round final answers to the nearest dollar.

Without a short$-$year election, how much of the loss is allocated to Noelle and how much is allocated to Grayson?

Noelle's loss allocation: $

Grayson's loss allocation:

If the corporation makes the short$-$year election, how much of the loss is allocated to Grayson?

$