The specific identification method and monthly allocation method are methods an S corporation may use to allocate its income across short tax years that result from an involuntary S election termination.

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The specific identification method and monthly allocation method are generally associated with allocating income and deductions for tax purposes, but an involuntary S corporation election termination typically involves specific IRS rules and procedures for handling the termination and its tax implications, not these allocation methods. These methods are more commonly related to inventory accounting or other specific income allocation scenarios, not directly to S corporation status changes.

The Specific Identification Method and Monthly Allocation Method Are Methods