The correct spelling of the word "Korcoran" starts with the letter K, followed by the diphthong "or" which is transcribed as /ɔr/ in IPA phonetics. Then, the letter c is added, representing the sound of /k/. Another "or" diphthong follows this time with a long /o/ sound, transcribed as /oʊ/. Lastly, the word ends with the letters r and a representing the sounds of /r/ and /ə/. So, the correct IPA transcription for "Korcoran" is /kɔrˈkoʊrən/.