Maple Corporation, a calendar year S corporation, is owned e…
Maple Corporation, a calendar year S corporation, is owned equally by Arthur and Barbara. On March 31 of the current year (not a leap year), Barbara sells one-half of her shares to Charles. During the year, Maple reports ordinary income of $146,000 and a long-term capital gain of $36,500. What is the allocation of income and long-term capital gain to Arthur, Barbara, and Charles assuming no special election is made?
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