! Required information Problem 04-46 (LO 04-3) (Algo) [The following information applies to the questions displayed below.] Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $182,000 salary working full time for Angels Corporation. Angels Corporation reported $408,000 of taxable business income for the year (2022). Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $182,000 (all salary from Angels Corporation). Mason claims $54,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. Problem 04-46 Part b (Algo) Assuming the business income allocated to Mason is income from a specified service trade or business, what is Mason's deduction or qualified business income? Ignore the wage-based limitation when computing the deduction. Answer is complete but not entirely correct.
! Required information Problem 04-46 (LO 04-3) (Algo) [The following information applies to the questions displayed below.] Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $182,000 salary working full time for Angels Corporation. Angels Corporation reported $408,000 of taxable business income for the year (2022). Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $182,000 (all salary from Angels Corporation). Mason claims $54,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. Problem 04-46 Part b (Algo) Assuming the business income allocated to Mason is income from a specified service trade or business, what is Mason's deduction or qualified business income? Ignore the wage-based limitation when computing the deduction. Answer is complete but not entirely correct.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please note the answer is NOT $40,800
![Required information
Problem 04-46 (LO 04-3) (Algo)
[The following information applies to the questions displayed below.]
Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $182,000 salary
working full time for Angels Corporation. Angels Corporation reported $408,000 of taxable business income for the year
(2022). Before considering his business income allocation from Angels and the self-employment tax deduction (if any),
Mason's adjusted gross income is $182,000 (all salary from Angels Corporation). Mason claims $54,000 in itemized
deductions. Answer the following questions for Mason.
Note: Leave no answer blank. Enter zero if applicable.
Problem 04-46 Part b (Algo)
b. Assuming the business income allocated to Mason is income from a specified service trade or business, what is Mason's deduction
for qualified business income? Ignore the wage-based limitation when computing the deduction.
Answer is complete but not entirely correct.
$
40,800
Deduction for qualified business income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8809aa0b-e1b4-4563-9951-8d9ab7423f1e%2F7398faec-bdf4-44e7-931c-8187ad1878fa%2Fkfkynos_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Problem 04-46 (LO 04-3) (Algo)
[The following information applies to the questions displayed below.]
Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $182,000 salary
working full time for Angels Corporation. Angels Corporation reported $408,000 of taxable business income for the year
(2022). Before considering his business income allocation from Angels and the self-employment tax deduction (if any),
Mason's adjusted gross income is $182,000 (all salary from Angels Corporation). Mason claims $54,000 in itemized
deductions. Answer the following questions for Mason.
Note: Leave no answer blank. Enter zero if applicable.
Problem 04-46 Part b (Algo)
b. Assuming the business income allocated to Mason is income from a specified service trade or business, what is Mason's deduction
for qualified business income? Ignore the wage-based limitation when computing the deduction.
Answer is complete but not entirely correct.
$
40,800
Deduction for qualified business income
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