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faust18 [17]
3 years ago
14

Jason and Paula are married. They file a joint return for 2020 on which they report taxable income before the QBI deduction of $

247,000. Jason operates a sole proprietorship, and Paula is a partner in the PQRS Partnership. Both are a qualified trade or business, and neither is a "specified services" business. Jason's sole proprietorship generates $173,200 of qualified business income and W–2 wages of $46,800 and has qualified property of $14,500. Paula's partnership reports a loss for the year, and her allocable share of the loss is $28,300. The partnership reports no W–2 wages, and Paula's share of the partnership's qualified property is $8,000.
Assume the QBI amount is net of the self-employment tax deduction.
What is their QBI deduction for the year?
Business
1 answer:
mote1985 [20]3 years ago
7 0

Answer: $28940

Explanation:

Their QBI deduction for the year goes thus:

Jason's QBI amount will be:

= $173000 × 20%

= $173000 × 0.2

= $34600

Paula's QBI amount will be:

= $28,300× 20%

= ($5660)

Therefore, their combined qualified business income will be:

= $34600 - $5660

= $28940

The overall limitation which is based on th modified taxable income will be:

= $247000 × 20%

= $49400

Since $28940 is lesser than $49400, their QBI deduction for the year is $28940

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At the end of World War II many European countries were rebuilding and so were eager to buy capital goods and had rising incomes
fenix001 [56]

We would expect that the rebuilding at the end of World War II in many European countries increased aggregate demand for capital goods in <u>a. Both the US and Europe.</u>

<h3>What is aggregate demand?</h3>

Aggregate demand refers to the total demand for goods and services within an economy.

Because of the Marshall Plan initiated by the United States for rebuilding Europe after the Second World War, aggregate demand increased in both the United States and Europe.

<h3>Answer Options:</h3>

a. Both the US and Europe

b. The US, but not Europe

c. Europe, but not the US

d. Neither the US nor Europe

Thus, the rebuilding at the end of World War II in many European countries increased aggregate demand for capital goods in <u>a. Both the US and Europe.</u>

Learn more about aggregate demand at brainly.com/question/1490249

8 0
2 years ago
Because leaders need to devise effective solutions in short time spans with limited information, they need to have
Ghella [55]

1. Because leaders need to devise effective solutions in short time spans with limited information, they need to have cognitive abilities.

2. Trait appraisals are subject to validity problems due to evaluator bias.

Explanation:

Cognitive abilities are knowledge based on the brain, which we need to perform from easy to complex tasks. They are mostly about how they read, recall, resolve issues and pay close attention than about any true knowledge. They were about how they think.

Traits have included the personality, behavior, leadership, work ethics, leadership skills, ethical sense, loyalty, flexibility, and judgment. On either hand, if the trait is legitly related to the work, then it might be valued.A trait is a person's own characteristic.

5 0
3 years ago
During the preparation of the bank reconciliation for Building Concepts Co., Joel Kimmel, the assistant controller, discovered t
Andrews [41]

Answer:

Joel is behaving in a totally unprofessional & unethical manner

Explanation:

As assistant controller, Joel Kimmel's job specification & responsibility includes financial statement preparation & combination, putting of internal controls in place, detailed analysis & reporting of cost variance, acts as the go-between with external auditors amongst other such responsibilities.

As such, when Joel discovered the cost discrepancy during the reconciliation, it was actually his responsibility to call the bank's attention to the variance. This is something that clearly falls under his job specification & can be considered as neglect of duty. Joel's decision defeats the very purpose of bank reconciliation, which is to correct any such discrepancy & to the ensure the rectification of transactions. Most importantly, the decision Joel plans to take is very unethical & is against standard accounting practices

We can therefore, say that Joel's decision is thoroughly unethical & unprofessional

5 0
3 years ago
Read 2 more answers
Posting is the process of transferring items entered in a general journal to the: 1. worksheet. 2. trial balance. 3. general led
Rashid [163]

Answer:

The correct answer to the following question will be Option 3 (General ledger).

Explanation:

  • General Ledger is the full accounting of all the financial activities of the company across its lifespan. It contains all the documents which are preparing the reports of finance, including income, assets, investments, income, and expenditures.
  • It's an official paper that offers a comprehensive overview of the business transactions of the company.
  • An invoice, or general ledger key, is a number that is used to document business transactions in the ledger.

Therefore, Option 3 is the right answer.

7 0
3 years ago
pencer Co. has a $300 petty cash fund. At the end of the first month the accumulated receipts represent 553 for delivery expense
otez555 [7]

Answer:

c) Credit to Cash for $242

Explanation:

Petty cash, beginning = $300

Delivery expense = $53

Merchandise inventory = $167

Miscellaneous expense = $22

Petty cash, Ending = $58

The journal to record the reimbursement of the accounts will be:

Event    Account Title and Explanation   Debit    Credit

1           Delivery expense                            $53  

           Merchandise inventory                   $167  

           Miscellaneous expense                  $22

                    Cash                                                   $242

4 0
3 years ago
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