Sally, single taxpayer, owns 100% of a subchapter S Corporation, which runs a successful cookie shop. Sally has taxable income of $250,000. The S Corp has the following activity: Ordinary Income of $200,000 W-2 Wages paid of $60,000 Original cost of qualified property of $800,000 How much is her Section 199A deduction?

Answer rating: 100% (QA)

First we need to check whether Sally qualifies for the Section 199A deduction Since she is a single ... View the full answer