Question

Marissa, an S shareholder, owned 40% of Samba Toure's stock for 110 days and 48% for the remaining 255 days in the year.

Using the per-day allocation method, compute Marissa's share of the following S corporation items.

Assume 365 days in a year. In your computations, round the per-day allocation to two decimal places and use in subsequent computations. Do not round other computations. If required, round your final answers to the nearest dollar.

	Schedule K Totals	Marissa's Schedule K–1 Totals
Ordinary income	$1,040,000	$
Tax-exempt interest	$82,000	$
Charitable contributions	$18,000	$

Answer 1

Final results here in below snap

For better understanding of calculations below snap is very helpful wherein formulas are visible.