Deloris, a single taxpayer, operated a manufacturing business as a S corporation in which she owned 100% of thestock. Information related to the business and Deloris is presented below.Qualified business income from the manufacturing business was $300,00o.Taxable income before the Qualified Business Income deduction was $350,000.• W-2 wages of the manufacturing business were $280,000.• Unadjusted depreciable property was $1,000,000.What is her Qualified Business Income deduction?$0$95,000$60,000$70,000$140,000

The qualified business income deduction (QBI) is a tax deduction that allows eligible self-employed…

Answered: What is her Qualified Business Income…

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What is her Qualified Business Income deduction? O $0 O $95,000 $60,000 $70,000 O $140,000

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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Question

Deloris, a single taxpayer, operated a manufacturing business as a S corporation in which she owned 100% of the
stock. Information related to the business and Deloris is presented below.
Qualified business income from the manufacturing business was $300,00o.
Taxable income before the Qualified Business Income deduction was $350,000.
• W-2 wages of the manufacturing business were $280,000.
• Unadjusted depreciable property was $1,000,000.
What is her Qualified Business Income deduction?
$0
$95,000
$60,000
$70,000
$140,000

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