
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $188,000 salary
working full time for Angels Corporation. Angels Corporation reported $432,000 of taxable business income for the year
(2023). Before considering his business income allocation from Angels and the self-employment tax deduction (if any),
Mason's adjusted gross income is $188,000 (all salary from Angels Corporation). Mason claims $66,000 in itemized
deductions. Answer the following questions for Mason.
Note: Leave no answer blank. Enter zero if applicable.
c. Assume the same facts as question (b), except that Angels Corporation reported $182,000 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](https://content.bartleby.com/qna-images/question/43413e37-1791-48e1-a444-dcdba584bafb/640ca967-b260-436a-bec9-d36d3c520b79/2caug75_thumbnail.jpeg)
Transcribed Image Text:Required information
[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 $188,000 salary
working full time for Angels Corporation. Angels Corporation reported $432,000 of taxable business income for the year
(2023). Before considering his business income allocation from Angels and the self-employment tax deduction (if any),
Mason's adjusted gross income is $188,000 (all salary from Angels Corporation). Mason claims $66,000 in itemized
deductions. Answer the following questions for Mason.
Note: Leave no answer blank. Enter zero if applicable.
c. Assume the same facts as question (b), except that Angels Corporation reported $182,000 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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