Mason ( single ) is a 5 0 percent shareholder in Angels Corporation ( an S Corporation
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Question:
Mason single is a percent shareholder in Angels Corporation an S Corporation Mason receives a $ salary working full time for Angels Corporation. Angels Corporation reported $ of taxable business income for the year Before considering his business income allocation from Angels and the selfemployment tax deduction if any Mason's adjusted gross income is $all salary from Angels Corporation Mason claims $ in itemized deductions. Answer the following questions for Mason.
c Assume the same facts as question b except that Angels Corporation reported $ of taxable business income for the year. What is Mason's deduction for qualified business income? Ignore the wagebased limitation when computing the deduction.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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