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Problem 2-34 (LO. 3, 4) Kyra, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2023, the business pays $100,000 in W-2 wages, has $150,000 of qualified property, and generates $150,000 of qualified business income. Kyra has no other items of income, deduction, or loss and will take the standard deduction of $13,850. Assume the QBI amount is net of the self-employment tax deduction. What is Kyra's QBI deduction? 50,000 X

Problem 2-34 (LO. 3, 4) Kyra, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2023, the business pays $100,000 in W-2 wages, has $150,000 of qualified property, and generates $150,000 of qualified business income. Kyra has no other items of income, deduction, or loss and will take the standard deduction of $13,850. Assume the QBI amount is net of the self-employment tax deduction. What is Kyra's QBI deduction? 50,000 X

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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Problem 2-34 (LO. 3, 4) Kyra, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2023, the business pays $100,000 in W-2 wages, has $150,000 of qualified property, and generates $150,000 of qualified business income. Kyra has no other items of income, deduction, or loss and will take the standard deduction of $13,850. Assume the QBI amount is net of the self-employment tax deduction. What is Kyra's QBI deduction? 50,000 X
Transcribed Image Text:Problem 2-34 (LO. 3, 4) Kyra, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2023, the business pays $100,000 in W-2 wages, has $150,000 of qualified property, and generates $150,000 of qualified business income. Kyra has no other items of income, deduction, or loss and will take the standard deduction of $13,850. Assume the QBI amount is net of the self-employment tax deduction. What is Kyra's QBI deduction? 50,000 X
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