How much income will be allocated to knight

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Reference no: EM133543695

Question: Knight and Day are 50/50 owners in KnD Company which operates in New York and New Jersey. Knight manages the New York division, which had a profit of $125,000 for the year, and Day manages the New Jersey division which had a profit of $50,000 for the year. If KnD Company is an S Corporation, how much income will be allocated to Knight?

Reference no: EM133543695

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