In 2018, a single taxpayer has a QBI of $120,000 and a modified taxable income of $74,000

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

Question:

In 2018, a single taxpayer has a QBI of $120,000 and a modified taxable income of $74,000 (this would also be his taxable income before the QBI deduction). What is the amount of this single taxpayer’s QBI deduction?

Related Book For answer-question

Taxation for Decision Makers 2014

ISBN: 9781118654545

6th edition

Authors: Shirley Dennis Escoffier, Karen Fortin

See More Books

Posted Date: Jan 25, 2021 04:30 PM

See More Questions

A single taxpayer has $15,000 of ordinary taxable income in 2013, a $9,000 long-term capital gain on the sale of an antique painting, a $10,000 unrecaptured Section 1250 gain on realty, and a $25,000...
A single taxpayer has $15,000 of ordinary taxable income in 2016 (after his exemption and standard deduction but before consideration of the following recognized gains), a $9,000 long-term capital...
A single taxpayer has $158,000 of ordinary taxable income in 2018 (after his standard deduction but before consideration of the following recognized gains), a $9,000 long-term capital gain on the...
Mary Wells Lawrence once said, In this business, you can never wash the dinner dishes and say they are done. You have to keep doing them constantly. If you were a business executive or information...
Discuss the importance of using the you-viewpoint for effective communication of negative messages.
Three chains act in the bracket such that they create a resultant force having a magnitude of 500 lb. if two of the chains are subjected to know forces, as shown, determine the orientation ? of the...
On April 4, 2014, Athanasios Valsamis lost his appeal to get his money back from a friend to whom he had loaned $$700,000.$ As you will read, this case underscores the consequence of failing to...
XYZ is a calendar-year corporation that began business on January 1, 2020. For the year, it reported the following information in its current-year audited income statement. Notes with important tax...
A. Let the number be presented by the variable "x". Translate the following mathematical phrases/sentences to mathematical symbol. Statement 1. The product of a number and seven is equal to two more...
The following multiple linear regression depicts the cost structure of ABC Corporation: TC=10+2Q+1.5w+2r Where: TC: Total cost (S); Q: Quantity produced (Kg); w: Wage ($/hour); and r: Interest rates...
Following code is generating an error message I can not resolve. Please help. The error message is posted above the code. Error Code: 1215. Cannot add foreign key constraint 0.375 sec CREATE TABLE...
Four instructors teach introductory-level economics courses during the same time period. The numbers of students taking their courses are Can we reject that the four instructors are about equally...
A freelance project manager is brought in by Company X to lead a large, expensive project. This project manager has excellent leadership skills and a strong technical understanding of the project....
A variety of other smoothing techniques can be employed to illustrate longterm secular trends. Pick your favourite kernel density smoother, apply it to the temperature series, and compare the fitted...
The hypothetical plots below show the relative frequencies of subjects assigned to two experimental groups (treatment and control). The frequency of negative outcomes (red) and positive outcomes...
What does the following code print? A. init-hare-tortoise B. init-hare C. The first line with a compiler error is line x1. D. The first line with a compiler error is line x2. E. The code does not...
A sales associate works under a managing broker in the capacity of: An employee An employee with special pay A statutory independent contractor A vendor
Define a traverse in Surveying?
Carl purchases a Jaguar automobile for $60,000. Carl plans to use the automobile exclusively in his business and boasts that he intends to recover his cost through MACRS depreciation deductions over...
A taxpayer moves from Atlanta to Chicago on December 3, year 1, to accept a new job. She would like to deduct $3,000 in unreimbursed direct moving expenses. As she will not meet the time test by the...
What do you think the effect would be if Congress changes the law so that retirement plan contributions are included in taxable income at the time they are made rather than taxing the payment when...
Lynn Goldsmith is a photographer known for her photographs of famous musicians. In 1981, Goldsmith had a photography session with the singer Prince. Three years later, Vanity Fair obtained a license...
Stone Brewing Co. is a San Diego brewer that has sold its beers for over two decades. Stone has maintained its trademark and brand from the beginning, registering the STONE mark in 1998. Stone has...
The Nielsen family formed their corporation, N. Robert Nielsen, Inc., to conduct farming operations. Morre, Grider & Co. is a certified public accounting firm that has provided accounting, tax, and...

In 2018, a single taxpayer has a QBI of $120,000 and a modified taxable income of $74,000

Question:

Expert Answer:

The law allows for QBI of 20 for businesses such as partnership sole proprietors... View the full answer

Taxation for Decision Makers 2014

Students also viewed these law questions