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Header: Asaka (single) 100% owns and operates Panache LLC (filed as an S corporation). This year, Asaka's qualified business income after all applicable deductions was $400,000. Assume Asaka pays $90,000 wages to her employees and has $10,000 of qualified tangible property. Her overall taxable income before the deduction for QBI is ~ $370,000. Part 1: Assume Panache LLC is a law practice. What is Asaka's qualified business income deduction? Part 2: Assume instead that Panache LLC sells clothing for golf teams. What is Asaka's qualified business income deduction?

Header: Asaka (single) 100% owns and operates Panache LLC (filed as an S corporation). This year, Asaka's qualified business income after all applicable deductions was $400,000. Assume Asaka pays $90,000 wages to her employees and has $10,000 of qualified tangible property. Her overall taxable income before the deduction for QBI is ~ $370,000. Part 1: Assume Panache LLC is a law practice. What is Asaka's qualified business income deduction? Part 2: Assume instead that Panache LLC sells clothing for golf teams. What is Asaka's qualified business income deduction?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Header: Asaka (single) 100% owns and operates Panache LLC (filed as an S corporation). This year, Asaka's qualified business income after all applicable deductions was $400,000. Assume Asaka pays $90,000 wages to her employees and has $10,000 of qualified tangible property. Her overall taxable income before the deduction for QBI is ~ $370,000. Part 1: Assume Panache LLC is a law practice. What is Asaka's qualified business income deduction? Part 2: Assume instead that Panache LLC sells clothing for golf teams. What is Asaka's qualified business income deduction?
Transcribed Image Text:Header: Asaka (single) 100% owns and operates Panache LLC (filed as an S corporation). This year, Asaka's qualified business income after all applicable deductions was $400,000. Assume Asaka pays $90,000 wages to her employees and has $10,000 of qualified tangible property. Her overall taxable income before the deduction for QBI is ~ $370,000. Part 1: Assume Panache LLC is a law practice. What is Asaka's qualified business income deduction? Part 2: Assume instead that Panache LLC sells clothing for golf teams. What is Asaka's qualified business income deduction?
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