What is the QBI deduction?

In 2020, Cindy is married and files a joint return. She operates a sole proprietorship in which she materially participates. Her proprietorship generates gross income of $225,000 and deductions of $525,000, resulting in a loss of $300,000. What is Cindy's excess business loss for the year? a. $30,000. b. $250,000. Oc. $300,000. Od. $-0-.

Taylor is one of the owners of a firm that generated $76,000 in taxable income last year. They did not have to pay personal tax on their share of the firm's income. Which of the following types of firms is Shawn MOST likely to be a partial owner of? OA. Sole proprietorship. B. Corporation. OC. General partnership. OD. All of the above are possible.

Question:3 Richard, a single taxpayer, has a wage income of $75,000. He also has a short-term capital loss of $9,000, a short-term capital gain of $1,000, and a long-term capital gain of $2,000. What is Reuben's AGI for the current year? A. $78,000 B. $72,000 C. $75,000 D. $69,000

James joined a partnership by contributing the following: cash, P20,000;accounts receivable, P4,000; land, P240,000 fair value; and accounts payable, P16,000. What will be the initial amount recorded in James’ capital account? Give the entry to record the investment of James

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QUESTION 51) Kathy and Annise are a married couple who file jointly. In the current year, they have net ordinary income of $10,000 from a partnership interest in which they do not materially participate. They also have a net loss of $30,000 from a rent house in which they actively participate. Their adjusted gross income (AGI) exclusive of these investments is $120,000. What is their AGI after taking into account these investments? $105,000 $125,000 $120,000 $100,000

4. Allen invests P 360,000 for a ½ interest in the firm. Allyna and Allysa transfer part of their capital to Allen as bonus.

A non-resident alien who is single, died leaving the following properties and deductions : Tangible personal property -  P 1,500,000 Shares of stocks, domestic corporation - P 700,000 Shares of stocks, foreign corporation - P 400,000 Deductible expenses - P 800,000 What is the amount of total gross estate ?       Choices: 1,400,000 2,200,000 2,600,000 1,800,000

An unmarried taxpayer reports $17.000 of capital losses and $8,000 of capital gains. Which amount should this taxpayer deduct against ordinary income? O sO $3,000 $9,000 $17,000