Dan and Katlyn are married and operate a pizza restaurant as an S corporation. They are not

Question:

Dan and Katlyn are married and operate a pizza restaurant as an S corporation. They are not eligible for any additional standard deduction amounts. In 2020, the score has qualified business income of $300,000. Their itemized deductions are $22,000, and they have other income from interest and dividends of $9,000.

a. What is their QBI deduction for 2020? What is their taxable income?

b. Assume the same facts as above, except that Dan and Katlyn are lawyers and jointly operate their law firm as a partnership. The income that flows to them from the partnership is $385,000. In addition, they have capital gains of $5,000. What is their QBI deduction for 2020? What is taxable income?

c. Assume the facts of the original problem except that their itemized deductions are $32,000, the QBI from the business is $510,000, it has W-2 wages of $160,000, and unadjusted depreciable property of $180,000. What is their QBI deduction for 2020? What is their taxable income?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 50% (8 reviews)

a Regardless of the type of passthrough business in which a taxpayer is engaged when the taxpayers taxable income is less than 163300 if single or 326600 if married the taxpayers QBI deduction is the ...View the full answer

Answered By

Nicole omwa

Being a highly skilled tutor with at least 5 years of tutoring experience in different areas, I learned how to help diverse learners in writing drafts of research papers, actual research papers and locate credible sources. My assurance is built upon my varied knowledge of a variety of subjects. Furthermore, my involvement and interaction with numerous learners of all levels has allowed me to understand my clients' specific demands. Ultimately, this has aided me in being a better coach to learners to better their grades. Essentially, my responsibilities as a tutor would include: Teaching abilities that assist pupils in enhancing their academic performance Personal interaction with learners to make them understand abstract concepts Inducing new skills and knowledge into their academic journeys Fostering individual reflection, and independent and critical thinking Editing and proofreading Because I am constantly available to respond to your queries, you may decide to rely on me whenever you require my assistance. As an assurance, my knowledge skills and expertise enable me to quickly assist learners with different academic challenges in areas with difficulty in understanding. Ultimately, I believe that I am a reliable tutor concerned about my learner's needs and interests to solve their urgent projects. My purpose is always to assist them in comprehending abstract schoolwork and mastering their subjects. I also understand that plagiarism is a severe offense and has serious ramifications. Owing to this, I always make it a point to educate learners on the numerous strategies to have uniquely unique solutions. I am familiar with the following formatting styles: MLA APA Harvard Chicago IEEE Communication is always the key in every interaction with my learners. Hence, I provide timely communication about the progress of assigned projects. As a result, I make sure that I maintain excellent communication with all of my clients. I can engage with all of my customers more effectively, assisting them with their unique academic demands. Furthermore, I attempt to establish a solid working relationship with my leaners I have exceptional abilities in the below areas; Sociology History Nursing Psychology Literature Health and Medicine Chemistry Biology Management Marketing Business Earth Science Environmental Studies Education Being a teacher who aces in diverse fields, I provide various academic tasks, which include; Academic Reports Movie Reviews Literature Reviews Annotated bibliographies Lab reports Discussion posts Dissertations Case study analyses Research proposals Argumentative Essays I guarantee you high-quality Papers!!!!!

5.00+ 17+ Reviews 32+ Question Solved

Related Book For book-img-for-question

Concepts In Federal Taxation 2021

ISBN: 9780357141212

28th Edition

Authors: Kevin E. Murphy, Mark Higgins, Randy Skalberg

See More Books

Question Posted: Nov 18, 2020 12:10 AM

See More Questions

Dan and Katlyn are married and operate a pizza restaurant as an S corporation. They are not

Question:

Step by Step Answer:

a Regardless of the type of passthrough business in which a taxpayer is engaged when the taxpayers taxable income is less than 163300 if single or 326600 if married the taxpayers QBI deduction is the ...View the full answer

Concepts In Federal Taxation 2021

Students also viewed these Business questions