Required information Problem 12-45 (LO 12-3) (Static) [The following information applies to the questions displayed below.] Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation). Kiyara does not do any work for Guardian Corporation. Guardian Corporation reported $300,000 of business income for the year (2022). Before considering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any), Kiyara's adjusted gross income was $250,000 (all employee salary). Kiyara has $40,000 in itemized deductions. Answer the following questions for Kiyara. Note: Leave no answer blank. Enter zero if applicable. Problem 12-45 Part b (Static) b. Assuming the income allocated to Kiyara is qualified business income, what is Kiyara's deduction for qualified business income? Assume Kiyara's share of wages paid by Guardian Corporation is $50,000 and her share in the unadjusted basis of qualified property used by Guardian was $200,000. Answer is complete but not entirely correct. Deduction for qualified business income $ 30,000
Required information Problem 12-45 (LO 12-3) (Static) [The following information applies to the questions displayed below.] Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation). Kiyara does not do any work for Guardian Corporation. Guardian Corporation reported $300,000 of business income for the year (2022). Before considering her business income allocation from Guardian Corporation and the self-employment tax deduction (if any), Kiyara's adjusted gross income was $250,000 (all employee salary). Kiyara has $40,000 in itemized deductions. Answer the following questions for Kiyara. Note: Leave no answer blank. Enter zero if applicable. Problem 12-45 Part b (Static) b. Assuming the income allocated to Kiyara is qualified business income, what is Kiyara's deduction for qualified business income? Assume Kiyara's share of wages paid by Guardian Corporation is $50,000 and her share in the unadjusted basis of qualified property used by Guardian was $200,000. Answer is complete but not entirely correct. Deduction for qualified business income $ 30,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![Required information
Problem 12-45 (LO 12-3) (Static)
[The following information applies to the questions displayed below.]
Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation).
Kiyara does not do any work for Guardian Corporation. Guardian Corporation reported
$300,000 of business income for the year (2022). Before considering her business
income allocation from Guardian Corporation and the self-employment tax deduction (if
any), Kiyara's adjusted gross income was $250,000 (all employee salary). Kiyara has
$40,000 in itemized deductions. Answer the following questions for Kiyara.
Note: Leave no answer blank. Enter zero if applicable.
Problem 12-45 Part b (Static)
b. Assuming the income allocated to Kiyara is qualified business income, what is Kiyara's deduction for
qualified business income? Assume Kiyara's share of wages paid by Guardian Corporation is $50,000 and
her share in the unadjusted basis of qualified property used by Guardian was $200,000.
Answer is complete but not entirely correct.
$ 30,000 X
Deduction for qualified business income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd86a297b-9273-401b-8059-81b05b619264%2Fae1c7329-0ae9-489b-889a-95f48c808d48%2Fszavjx_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Problem 12-45 (LO 12-3) (Static)
[The following information applies to the questions displayed below.]
Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation).
Kiyara does not do any work for Guardian Corporation. Guardian Corporation reported
$300,000 of business income for the year (2022). Before considering her business
income allocation from Guardian Corporation and the self-employment tax deduction (if
any), Kiyara's adjusted gross income was $250,000 (all employee salary). Kiyara has
$40,000 in itemized deductions. Answer the following questions for Kiyara.
Note: Leave no answer blank. Enter zero if applicable.
Problem 12-45 Part b (Static)
b. Assuming the income allocated to Kiyara is qualified business income, what is Kiyara's deduction for
qualified business income? Assume Kiyara's share of wages paid by Guardian Corporation is $50,000 and
her share in the unadjusted basis of qualified property used by Guardian was $200,000.
Answer is complete but not entirely correct.
$ 30,000 X
Deduction for qualified business income
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