Required informationProblem 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 $192,500 salaryworking full time for Angels Corporation. Angels Corporation reported $450,000 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 $192,500 (all salary from Angels Corporation). Mason claims $75,000 in itemizeddeductions. Answer the following questions for Mason.Note: Leave no answer blank. Enter zero if applicable.Problem 04-46 Part b (Algo)b. Assuming the business income allocated to Mason is income from a specified service trade or business, what is Mason's deductionfor qualified business income? Ignore the wage-based limitation when computing the deduction.X Answer is complete but not entirely correct.45,000 XDeduction for qualified business income$

DEDUCTION:Deductions are a way for taxpayers to reduce their taxable income, which can result in a…

Answered: Required information Problem 04-46 (LO…

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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