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Nutka1998 [239]
3 years ago
14

Jenna Parker owns and manages her single member LLC which provides a wide variety of financial services to her clients. She is m

arried and will file a joint tax return with her spouse, Paul. Her LLC reports $300,000 of net income, W-2 wages of $120,000, and assets with an unadjusted basis of $75,000. Their taxable income before the QBI deduction is $285.000 (this is also their modified taxable income). What is their QBI deduction for 2019?
a. $-0-
b. $57,000.
c. $60,000.
d. $70,000.
Business
1 answer:
Julli [10]3 years ago
5 0

Answer:

Option ( b ) $57,000

Explanation:

Data provided in the question:

Net income = $300,000

W-2 wages = $120,000

Assets with unadjusted basis = $75,000

Taxable income before the QBI deduction = $285,000

Now,

The QBI deduction for 2019 will be given as 20% of the qualified income i.e the taxable income before the QBI deduction

Therefore,

The QBI deduction for 2019 = 20% of $285,000

= 0.20 × $285,000

= $57,000

Hence,

Option ( b ) $57,000

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3 years ago
A project will produce an operating cash flow of $56,200 a year for 5 years. The initial fixed asset investment in the project w
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Answer :

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Explanation :

As per the data given in the question,

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