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 $186,500 salary working full time for Angels Corporation. Angels Corporation reported $426,000 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 $186,500 (all salary from Angels Corporation). Mason claims $63,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. Problem 15-46 Part b (Algo) b. Assuming the business income allocated to Mason is income from a specified service trade or business, what is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction. Deduction for qualified business income Show Transcribed Text c. Assume the same facts as question (b), except that Angels Corporation reported $176,000 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 Answer is not complete. G Deduction for qualified business income
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 $186,500 salary working full time for Angels Corporation. Angels Corporation reported $426,000 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 $186,500 (all salary from Angels Corporation). Mason claims $63,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. Problem 15-46 Part b (Algo) b. Assuming the business income allocated to Mason is income from a specified service trade or business, what is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction. Deduction for qualified business income Show Transcribed Text c. Assume the same facts as question (b), except that Angels Corporation reported $176,000 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 Answer is not complete. G Deduction for qualified business income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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