Thad, a single taxpayer, has taxable income before the QBI deduction of $190,700. Thad, a CPA, operates

Question:

Thad, a single taxpayer, has taxable income before the QBI deduction of $190,700. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2019, his proprietorship generates qualified business income of $150,000, W–2 wages of $125,000, and $10,000 of qualified property. What is Thad’s qualified business income deduction?

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

Step by Step Answer:

Related Book For answer-question

South Western Federal Taxation 2020 Corporations, Partnerships, Estates And Trusts

ISBN: 9780357109168

43rd Edition

Authors: William A. Raabe, James C. Young, William H. Hoffman, Annette Nellen, David M. Maloney

See More Books

Question Posted: Sep 18, 2019 01:25 PM

See More Questions

If a single taxpayer has taxable income of $120,000, how much will he save in taxes if his CPA shows him that he qualifies for an additional deduction of $4,000?
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...
What are the advantages of shell-type broach construction?
(a) Give complete and balanced chemical equations for each step in the synthesis of H 3 PO 4 from hydroxyapatite to yield (a) high-purity phosphoric acid (b) Fertilizer-grade phosphoric acid. (c)...
John and Jennifer Margeson entered into a contract to sell a weight-loss franchise business called Inches-A-Weigh to Theresa Artis. The parties memorialized their agreement in an Asset Purchase...
Tsang, Inc., is considering the sale of two bond issues. Choice A is a $1,600,000 bond issue that pays semiannual interest of $128,000 and is due in 20 years. Choice B is a $1,600,000 bond issue that...
Find the perimeter of the figure shown. Express the perimeter using the same unit of measure that appears on the given sides. 13 yd Perimeter = 5 yd 5 yd 13 yd 18 yd 18 yd
Pruitt Corporation issued 3,000, 8%, 5-year, $1,000 bonds dated January 1, 2010, at 100. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2010. (b) Prepare the journal...
In 2019, Meghann Carlson, a single taxpayer, has QBI of $110,000 and modified taxable income of $78,000 (this is also her taxable income before the QBI deduction). Given this information, what is...
Jason and Paula are married. They file a joint return for 2019 on which they report taxable income before the QBI deduction of $200,000. Jason operates a sole proprietorship, and Paula is a partner...
Cadbury is looking to build on its dominant position in Indias chocolate market by making the country a regional centre for cocoa production. The UK-based producer of brands such as Cadburys Dairy...
Obtain the line of regression of ???? and ???? using method of least squares from the following data: x 4.7 8.2 12.4 15.8 20.7 24.9 31.9 35.0 39.1 38.8 y 4 8 12.5 16 20 25 31 36 40 40
WHAT IS THE ROLE OF GLOBALIZATION IN INDIA'S DEVELOPMENT ?
On the first day of the year, Erin deposited $2500 into a savings account that earns 4% annual interest, compounded monthly. If she does not have any plans to deposit or withdraw any money, how much...
Libscomb Technologies' annual sales are $6,700,291 and all sales are made on credit, it purchases $3,059,202 of materials each year (and this is its cost of goods sold). Libscomb also has $505,320 of...
If a Department Manager is hired to strictly directly assist the clinic in its routine operations and making $6,000 per month, is that a direct expense?
Posa Hotels, Inc., has a sixth night free policy. Every sixth night a guest stays at the hotel is free. Because not all guests stay enough nights to earn a free stay, on average the number of free...
Three successive resonance frequencies in an organ pipe are 1310, 1834, and 2358 Hz. (a) Is the pipe closed at one end or open at both ends? (b) What is the fundamental frequency? (c) What is the...
In the citation Schusters Express, Inc., 66 T.C. 588 (1976), affd 562 F.2d 39 (CA2, 1977), nonacq., to what do the 66, 39, and nonacq. refer?
In the citation Schusters Express, Inc., 66 T.C. 588 (1976), affd 562 F.2d 39 (CA2, 1977), nonacq., to what do the 66, 39, and nonacq. refer?
In the citation Schusters Express, Inc., 66 T.C. 588 (1976), affd 562 F.2d 39 (CA2, 1977), nonacq., to what do the 66, 39, and nonacq. refer?
During its first year of operations, Snobegon, Inc. (located in Lake Snobegon, Minnesota), produced 40,500 plastic snow scoops. Snow scoops are oversized shovel-type scoops that are used to push snow...
18. Qualified Small Business Stock. (Obj. 1) Jenson pays $30,000 for Section 1202 qualified small business stock on February 16, 2005. In October 2018, Jenson sells the stock for $80,000. a. Compute...
Bolivia Company gathered the following condensed data for the year ended December 31, 2016: Cost of goods sold $760,000 Net sales 1,400,000 Operating expenses 277,000 Interest expense 43,000 Dividend...

Thad, a single taxpayer, has taxable income before the QBI deduction of $190,700. Thad, a CPA, operates

Question:

Step by Step Answer:

Thad has a specified services business Since his taxable income befo...View the full answer

South Western Federal Taxation 2020 Corporations, Partnerships, Estates And Trusts

Students also viewed these Business questions