[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 (2023). 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. 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. Deduction for qualified business income
[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 (2023). 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. 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. Deduction for qualified business income
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 50P
Related questions
Question
![Required information
[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 (2023). 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.
a. What is Kiyara's self-employment tax liability?
Answer is complete and correct.
Self-employment tax liability
$
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F48a54172-51c3-404f-a9f8-64814d7eb0d9%2Fbc3a533d-9ddd-4795-810f-032fe8a99e1c%2Fhgaaa3_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[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 (2023). 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.
a. What is Kiyara's self-employment tax liability?
Answer is complete and correct.
Self-employment tax liability
$
0
![[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 (2023). 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.
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.
Deduction for qualified business income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F48a54172-51c3-404f-a9f8-64814d7eb0d9%2Fbc3a533d-9ddd-4795-810f-032fe8a99e1c%2Fwk4za7s_processed.png&w=3840&q=75)
Transcribed Image Text:[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 (2023). 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.
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.
Deduction for qualified business income
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