Woody owns a sole proprietorship called Toy Store, which sells a large variety of children toys. In
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Question:
Woody owns a sole proprietorship called Toy Store, which sells a large variety of children toys. In the current year, Toy Store has the following activity:
Net Schedule C income*$120,000W-2 Wages paid$ 44,000Unadjusted basis of tangible property $400,000
*This represents Toy Store's business income, net of all deductible business expenses.
Assume Woody's taxable income for the current year is $217,500.
Ignoring the self-employment tax deduction, how much Sec. 199A deduction is available to Woody on his current tax return?
Related Book For
Taxation of Individuals 2017
ISBN: 9781259548666
8th edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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