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How must acme allocate its income

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Question - Acme Corp. is an S Corp. It lost its S status on August 1, 2017. For the year it has a loss of $300,000. However, from Jan. 1 - July 31 it actually had a profit of $25,000 and lost $325,000 in the remainder of the year. How must Acme allocate its income between the part of the year it qualified as an S Corp and for the remainder of the year? Do they have another choice? If so, what is it?

Reference no: EM133032872

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