Question: Problem: Module 9 Textbook Problem 5 Learning Objective: 9-3 Describe how families can use partnerships or S corporations to shift income Delta Partnership has four

Problem: Module 9 Textbook Problem 5 Learning Objective: 9-3 Describe how

Problem: Module 9 Textbook Problem 5 Learning Objective: 9-3 Describe how families can use partnerships or S corporations to shift income Delta Partnership has four equal partners. At the beginning of the year, Drew was one of the Delta partners, but on October 1 , he sold his partnership interest to Cody. Required: If Delta's ordinary income for the year was $476,000, what portion of this income should be allocated to Drew, and what portion should be allocated to Cody? (Assume 365 days in a year. Round income per day of ownership to 4 decimal places. Round your final answers to the nearest whole dollar amount.)

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