Calculate qualified business income. Chanelle owns Chamber Networks (EIN 74-1234567), a cash-basis sole proprietorship that does network

Calculate qualified business income.  

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Chanelle owns Chamber Networks (EIN 74-1234567), a cash-basis sole proprietorship that does network consulting. The business premises are located at 2301 Walden Way, Durant, Oklahoma, 74701. During the year, Chanelle's gross revenues were $75,000. She incurred the following expenses in her business during 2020: Business Insurance Rent payments Telephone/cable expense $900 $2,500 $1,000 $2,500 $5,400 $150 Utility expense Software rental Business journals and magazines Training seminars Supplies Donations to a national political campaign fund Estimated federal income tax payments Estimated state income tax payment In her office, she has computer equipment of $10,000 and office furniture and fixtures of $15,000, all of which was purchased in November 1, 2019. She elected to expense these assets immediately rather than depreciating them. She has no employees. $1,200 $1,100 $700 $8,000 $2,000 Chanelle owns Chamber Networks (EIN 74-1234567), a cash-basis sole proprietorship that does network consulting. The business premises are located at 2301 Walden Way, Durant, Oklahoma, 74701. During the year, Chanelle's gross revenues were $75,000. She incurred the following expenses in her business during 2020: Business Insurance Rent payments Telephone/cable expense $900 $2,500 $1,000 $2,500 $5,400 $150 Utility expense Software rental Business journals and magazines Training seminars Supplies Donations to a national political campaign fund Estimated federal income tax payments Estimated state income tax payment In her office, she has computer equipment of $10,000 and office furniture and fixtures of $15,000, all of which was purchased in November 1, 2019. She elected to expense these assets immediately rather than depreciating them. She has no employees. $1,200 $1,100 $700 $8,000 $2,000

Answer rating: 100% (QA)

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