EBK BUSN
11th Edition
ISBN: 8220106798461
Author: Kelly
Publisher: YUZU
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Chapter 6, Problem 2LO
Summary Introduction
To discuss: The advantages and the limitations of sole proprietorship.
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Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $184,500 salary working full time for Angels Corporation. Angels Corporation reported $418,000 of taxable business income for the year. Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $184,500 (all salary from Angels Corporation). Mason claims $59,000 in itemized deductions. Answer the following questions for Mason.
c. b. Assuming the business income allocated to Mason is income from a specified service trade or business, except that Angels Corporation reported $168,000 of taxable business income for the year. What is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction.
Please give me true answer this financial accounting question
What is the price earnings ratio on these financial accounting question?
Chapter 6 Solutions
EBK BUSN
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