Rutherford sells his 20% interest in Hayes Corporation (an S corporation) to Lucy on January 30, 2023.

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Rutherford sells his 20% interest in Hayes Corporation (an S corporation) to Lucy on January 30, 2023. Using the daily allocation method, how much income does Rutherford report if Hayes Corporation earned $200,000 from January 1, 2023to January 29, 2023 (29 days) and $1,460,000 from January 30, 2023 through December 31, 2023

Posted Date: May 19, 2024 02:06 AM

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Rutherford sells his 20% interest in Hayes Corporation (an S corporation) to Lucy on January 30, 2023.

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