Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $180,000 salary working full time for Angels Corporation. Angels Corporation reported $400,000 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 $180,000 (all salary from Angels Corporation). Mason claims $50,000 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 $150,000 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 $180,000 salary working full time for Angels Corporation. Angels Corporation reported $400,000 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 $180,000 (all salary from Angels Corporation). Mason claims $50,000 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 $150,000 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 _
Chapter6: Business Expenses
Section: Chapter Questions
Problem 47P
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Is not $15000.
Transcribed Image Text:Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $180,000 salary
working full time for Angels Corporation. Angels Corporation reported $400,000 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 $180,000 (all salary from Angels Corporation). Mason claims $50,000 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 $150,000 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
_
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