Required information Problem 12-45 (LO 12-3) (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 $191,000 salary working full time for Angels Corporation. Angels Corporation reported $444,000 of taxable business income for the year (2021). Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $191,000 (all salary from Angels Corporation). Answer the following questions for Mason. (Leave no answer blank. Enter zero if applicable.) Problem 12-45 Part a (Algo) . Assuming the income allocated to Mason is qualified business income, what is Mason's deduction for qualified business income?
Required information Problem 12-45 (LO 12-3) (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 $191,000 salary working full time for Angels Corporation. Angels Corporation reported $444,000 of taxable business income for the year (2021). Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $191,000 (all salary from Angels Corporation). Answer the following questions for Mason. (Leave no answer blank. Enter zero if applicable.) Problem 12-45 Part a (Algo) . Assuming the income allocated to Mason is qualified business income, what is Mason's deduction for qualified business income?
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 53P
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Required information
Problem 12-45 (LO 12-3) (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 $191,000 salary
working full time for Angels Corporation. Angels Corporation reported $444,000 of taxable business income for the year
(2021). Before considering his business income allocation from Angels and the self-employment tax deduction (if any),
Mason's adjusted gross income is $191,000 (all salary from Angels Corporation). Answer the following questions for
Mason. (Leave no answer blank. Enter zero if applicable.)
Problem 12-45 Part a (Algo)
a. Assuming the income allocated to Mason is qualified business income, what is Mason's deduction for qualified business income?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0f20fea7-5dc1-41e5-8ed8-a4a6536494ff%2Fdfb95c9c-377a-4aaf-9c23-1751ff7a94c5%2Fdxitcd1_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
Problem 12-45 (LO 12-3) (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 $191,000 salary
working full time for Angels Corporation. Angels Corporation reported $444,000 of taxable business income for the year
(2021). Before considering his business income allocation from Angels and the self-employment tax deduction (if any),
Mason's adjusted gross income is $191,000 (all salary from Angels Corporation). Answer the following questions for
Mason. (Leave no answer blank. Enter zero if applicable.)
Problem 12-45 Part a (Algo)
a. Assuming the income allocated to Mason is qualified business income, what is Mason's deduction for qualified business income?
Transcribed Image Text:b. What is Mason's net investment income tax liability (assume no investment expenses)?
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