ABC Was Formed as a Calendar-Year S Corporation with Alan

Essay

ABC was formed as a calendar-year S corporation with Alan, Brenda, and Conner as equal shareholders.On May 1, 2019, ABC's S election was terminated after Conner sold his ABC shares (one-third of all shares)to his solely owned C corporation, Conner, Inc.ABC reported business income for 2019 as follows: (Assume that there are 365 days in the year.)
$\begin{array}{llcc}\quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \text { Period } & \text { Income } \\ \text { January 1 through April 30 (120 days) } &\$200,000\\ \text { May I through Decermber 31 (245 days) } &\underline{530,000}\\ \text { January 1 through December 31 } &\underline{\$730,000}\\\end{array}$
If ABC uses the daily method of allocating income between the S corporation short tax year (January 1-April 30)and the C corporation short tax year (May 1-December 31), how much income will it report on its S corporation short tax year return and its C corporation short tax year return for 2019?