Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $192,000 salary working full time for Angels Corporation. Angels Corporation reported $448,000 of taxable business income for the year (2023). Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $192,000 (all salary from Angels Corporation). Mason claims $74,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. c. Assume the same facts as question (b), except that Angels Corporation reported $198,000 of taxable business income for the year. What is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction. Deduction for qualified business income

Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $192,000 salary working full time for Angels Corporation. Angels Corporation reported $448,000 of taxable business income for the year (2023). Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $192,000 (all salary from Angels Corporation). Mason claims $74,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. c. Assume the same facts as question (b), except that Angels Corporation reported $198,000 of taxable business income for the year. What is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction. Deduction for qualified business income

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 29P

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