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What amount of nonseparately stated income

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Problem - As of January 1, year 6, Kane owned all the 100 issued shares of Manning Corp., a calendar year S corporation. On the 41st day of year 6, Kane sold 25 of the Manning shares to Rodgers. For the year ended December 31, year 6 (a 365-day calendar year), Manning had $73,000 in nonseparately stated income and made no distributions to its shareholders. What amount of nonseparately stated income from Manning should be reported on Kane's year 6 tax return?

a. $56,750

b. $54,750

c. $16,250

d. $0

Reference no: EM132663609

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