Eric, who is single, has income from his Schedule C of $150,000. His taxable income is $120,000

Question:

Eric, who is single, has income from his Schedule C of $150,000. His taxable income is $120,000 after his other deductions. What is Eric’s QBI deduction for 2019?

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

Step by Step Answer:

Related Book For answer-question

Fundamentals Of Taxation 2020 Edition

ISBN: 9781260483147

13th Edition

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler

See More Books

Question Posted: Dec 23, 2019 06:17 AM

See More Questions

In 2015, Paul, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not...
In 2013, Paul, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not...
In 2012, Paul, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not...
On January 1, 2018, JKJ purchased a 1,000 acre farm with a building. The asking price was $2,600,000. Approximately 15 percent of the total value of the farm was allocable to the building and the...
Use De Morgan's laws to find the negation of each of the following statements. a) Jan is rich and happy. b) Carlos will bicycle or run tomorrow. c) Mei walks or takes the bus to class. d) Ibrahim is...
Express the area under the graph as a limit using the approximation indicated (in summation notation), but do not evaluate. RN, f(x)= x over [1,7]
Should the requirements of the UCC be subject to the application of reliance theories? Go back and review the facts in Case 21-3 about the coal contract. Should silence followed by contract execution...
Prepare the entries for the following transactions using a general journal: 1. Discarding an asset. (a) On January 4, shelving units, which had a cost of $6,400 and had accumulated depreciation of...
How can the relationship between Online Analytical Processing (OLAP) systems and Customer Relationship Management (CRM) bolster an organization's marketing efforts?
A financial consultant has an average of 7 customers he consults with each day, which are assumed to be Poisson distributed. The consultants overhead requires that he consult with at least 5...
Jose purchased a vehicle for business and personal use. In 2019 he used the vehicle 18,000 miles (80%) for business and calculated his vehicle expenses using the standard mileage rate (mileage was...
In 2019 Landon has self-employment earnings of $195,000. Compute Landons self- employment tax liability and the allowable income tax deduction of the self-employment tax paid.
Show that an equation of the form Ax 2 + Ey = 0 A 0, E 0 is the equation of a parabola with vertex at and axis of symmetry the y-axis. Find its focus and directrix.
The Metro Electric Company produces and distributes electricity to residential customers in New Brunswick.The demand for electricity is given by P = 0.04 0.01Q The resulting marginal revenue...
What are some of the reasons that U.S. GDP is so much higher than it is in other countries?
An economist estimates that market demand for apartment in Boulder is Qd = 100 5P, with quantity measured in thousands of apartments, and price, the average monthly rental rate, measured in hundreds...
Company ZZ expects total earnings of R120 000 000 in Year 1. It is the company's policy to reinvest 30% of its earnings into the business. The company will continue maintaining a 7% growth rate per...
A firm with market power faces a demand curve: P D = 75 - 0.7Q and its cost function is: TC = 348 + 12Q - 1.28Q 2 + 0.062Q 3 What is the firm's profit-maximizing output, What is the firm's maximum...
Bonanza Entertainment began operations in January 2017 with two operating (selling) departments and one service (office) department. Its departmental income statements follow. The company plans to...
Which of the following streaming TV devices does not involve use of a remote controller? A) Google Chromecast B) Apple TV C) Amazon Fire TV D) Roku
Leonardos filing status is head of household. He has modified Adjusted Gross Income of $28,000, and he made a $3,000 contribution to his IRA. What is the amount of his retirement savings...
What limitations are associated with the adoption credit, both in terms of dollar amounts and eligibility?
In the case of the adoption credit, what special rules apply when adopting a child who is a child with special needs?
Identify how the discount charged for discounting notes is reported on the income statement. Deducted from income from opertaions. in the other income and expenses section. as a nonoperating expense....
Identify and include your personal responsibilities and accountabilities Identify any barriers to fulfilling task requirements and include ways to manage these Produce a final schedule for...
Explain the following terms using the MitchReads data to illustrate your answer di) Independent Events dii) Mutually Exclusive diii) Complement div) Conditional Probability dv) Collectively Exhaustive

Eric, who is single, has income from his Schedule C of $150,000. His taxable income is $120,000

Question:

Step by Step Answer:

The 20 deduction is from AGI so this deduction does not affect any ...View the full answer

Fundamentals Of Taxation 2020 Edition

Students also viewed these Business questions