Exercise 15-15 (Algorithmic) (LO. 3, 4) Robert is the sole shareholder and CEO of ABC, Inc., an S corporation that is a qualified trade or business. During the current year, ABC records net income of $291,500 after deducting Robert's $87,450 salary. In addition to his compensation, ABC pays Robert dividends of $204,050. a. What is Robert's qualified business income? 291,500 b. What is Robert's qualified business income if you determined that reasonable compensation for someone with Robert's experience and responsibilities is $177,450? 87,450 Exercise 15-13 (Algorithmic) (LO. 3, 4) In 2019, Meghann Carlson, a single taxpayer, reports QBI of $140,600 and modified taxable income of $98,420 (this is also her taxable income before the QBI deduction). What is Meghann's QBI deduction? Meghann's QBI deduction is $ 19,684
Exercise 15-15 (Algorithmic) (LO. 3, 4) Robert is the sole shareholder and CEO of ABC, Inc., an S corporation that is a qualified trade or business. During the current year, ABC records net income of $291,500 after deducting Robert's $87,450 salary. In addition to his compensation, ABC pays Robert dividends of $204,050. a. What is Robert's qualified business income? 291,500 b. What is Robert's qualified business income if you determined that reasonable compensation for someone with Robert's experience and responsibilities is $177,450? 87,450 Exercise 15-13 (Algorithmic) (LO. 3, 4) In 2019, Meghann Carlson, a single taxpayer, reports QBI of $140,600 and modified taxable income of $98,420 (this is also her taxable income before the QBI deduction). What is Meghann's QBI deduction? Meghann's QBI deduction is $ 19,684
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Exercise 15-15 (Algorithmic) (LO. 3, 4)
Robert is the sole shareholder and CEO of ABC, Inc., an S corporation that is a qualified trade or business. During the current year, ABC
records net income of $291,500 after deducting Robert's $87,450 salary. In addition to his compensation, ABC pays Robert dividends of
$204,050.
a. What is Robert's qualified business income?
291,500
b. What is Robert's qualified business income if you determined that reasonable compensation for someone with Robert's experience and
responsibilities is $177,450?
87,450
Transcribed Image Text:Exercise 15-13 (Algorithmic) (LO. 3, 4)
In 2019, Meghann Carlson, a single taxpayer, reports QBI of $140,600 and modified taxable income of $98,420 (this is also her taxable
income before the QBI deduction). What is Meghann's QBI deduction?
Meghann's QBI deduction is $
19,684
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