Who is eligible to take the Section 199A qualified business income deduction?1. C corporation on Form 1120II. S corporation on Form 1120SIII. Partnership on Form 1065IV. Sole proprietorship on Schedule CV. Individual taxpayer on Form 10401I, II, IIIII, III, IVV

The Section 199A qualified business income deduction is a tax deduction for eligible taxpayers with…

Answered: 1. C corporation on Form 1120…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter14: Choice Of Business Entity—operations And Distributions

Section: Chapter Questions

Problem 42P

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Income and loss from which of the following entities is passed through and taxed on the individual's personal tax returns? S corporation Partnership Sole proprietor All of the above
Which of the following items are included in the computation of a sole proprietorship's taxable income? I. Charitable contributions II. Section 1231 gains and losses III. Investment income and expenses Oa. Only statement II is correct. Ob. Statements I, I1, and III are correct. Oc. Only statement III is correct. Od. Only statement I is correct. Oe. None of these statements are correct.
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5b. Items that must be reported on line 8 (other income) of Schedule 1 include: a) jury duty pay. b) dividend income. c) interest income. d) capital gains. An individual with an OID instrument must annually report a portion of the OID as: a) pension income. b) capital gain income. c) dividend income. d) interest income. 5c. What is the tax liability for a taxpayer who is married filing jointly with taxable income of $67,500, that includes a taxable qualified dividend of $1,000? All answers should be rounded to the nearest dollar. Use the appropriate Tax Tables or Tax Rate Schedules. a) $7,708. b) $7,585. c) $7,588. d) $8,100. 5d.
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MC: Topic: Income Taxation Under this income taxation scheme, the full amount of tax is withheld by the payor before such income is received by the payee taxpayer. * Final income tax scheme Capital gains tax scheme Regular income tax scheme Any one of the above
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Subject:accounting

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1. C corporation on Form 1120 corporation on Form 1120S III. Partnership on Form 1065 IV. Sole proprietorship on Schedule C V. Individual taxpayer on Form 1040 I, II, III II, III, IV V