FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Problem 15-46 (LO 15-3) (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 $189.500
salary working full time for Angels Corporation. Angels Corporation reported $438,000 of taxable business income
for the year (2022). Before considering his business income allocation from Angels and the self-employment tax
deduction (if any), Mason's adjusted gross income is $189.500 (all salary from Angels Corporation). Mason claims
$69,000 in itemized deductions. Answer the following questions for Mason.
Note: Leave no answer blank. Enter zero if applicable.
Problem 15-46 Part c (Algo)
c. Assume the same facts as question (b), except that Angels Corporation reported $188,000 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.
Deduction for qualified business income
$
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Transcribed Image Text:Required information Problem 15-46 (LO 15-3) (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 $189.500 salary working full time for Angels Corporation. Angels Corporation reported $438,000 of taxable business income for the year (2022). Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $189.500 (all salary from Angels Corporation). Mason claims $69,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. Problem 15-46 Part c (Algo) c. Assume the same facts as question (b), except that Angels Corporation reported $188,000 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. Deduction for qualified business income $
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