Ginger is a self-employed driver finding rides via a few different platform companies such as Lyft. She is single and claims the $12,400 standard deduction. For 2020, her income from driving is $67,000 and she has no other income. Gingers QBI deduction for 2020 is $13,400 ($67,000 x 20%). a. True b. False

Peacock Corporation, which sustained a $5,000 net short-term capital loss during the year, will enter $5,000 as a subtraction on Schedule M-1 of Form 1120.

		a. True.
		b. False.

Peacock Corporation sold equipment during the current year. Its tax gain on the equipment was $4,000 and its book gain on the equipment was $2,000. Peacock will enter $2,000 as a subtraction on Schedule M-1 of Form 1120.

		a. True.
		b. False.