Deloris, a single taxpayer, operated a manufacturing business as a S corporation in which she owned...
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Deloris, a single taxpayer, operated a manufacturing business as a S corporation in which she owned 100% of the stock. Information related to the business and Deloris is presented below. Qualified business income from the manufacturing business was $300,00o. • Taxable income before the Qualified Business Income deduction was $350,000. • W-2 wages of the manufacturing business were $280,000. • Unadjusted depreciable property was $1,000,000. What is her Qualified Business Income deduction? $0 $95,000 $60,000 $70,000 $140,000 Deloris, a single taxpayer, operated a manufacturing business as a S corporation in which she owned 100% of the stock. Information related to the business and Deloris is presented below. Qualified business income from the manufacturing business was $300,00o. • Taxable income before the Qualified Business Income deduction was $350,000. • W-2 wages of the manufacturing business were $280,000. • Unadjusted depreciable property was $1,000,000. What is her Qualified Business Income deduction? $0 $95,000 $60,000 $70,000 $140,000
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Step 1 The qualified business income deduction QBI is a tax deduction that all... View the full answer
Related Book For
Hospitality Financial Accounting
ISBN: 978-0470083604
2nd Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Agnes L.
Posted Date:
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