1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
faust18 [17]
2 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]2 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

You might be interested in
Fixed costs equal $16,000, unit contribution margin equals $35, and the number of units sold equal 1,300. Operating income is __
Mazyrski [523]
The answer is 61,500
6 0
2 years ago
A letter provided by the tenant to the landlord, which assures that their lease is binding, accurate, and being paid upon, is kn
olga_2 [115]

A letter provided by the tenant to the landlord, which assures that their lease is binding, accurate, and being paid upon, is known as an estoppel letter.

Letters have long been an essential supply of biographical information, and an effective device for historians of all kinds. They permit the reader to peek backstage and might offer a feel of intimate expertise of historic subjects, even supposing this intimacy is borrowed or stolen.

Informal letters are non-public letters that might be written to allow your buddies or own circle of relatives to realize approximately what goes on in your lifestyle and to bring your regards. A casual letter is typically written to an own circle of relatives member, a near acquaintance, or a friend. The language utilized in a casual letter is informal and non-public.

A letter is stated to be casual while it's far written in a pleasant way, to a person you're acquainted with. Formal letters are written for reputable or expert communication. On the opposite hand, casual letters are used for informal or non-public communication. There is a way prescribed for writing formal letters.

Learn more about the letter here brainly.com/question/9425444

#SPJ4

7 0
9 months ago
A company has been selling roller skates that have faulty wheels. The wheels will not break or cause injury, but they also do no
Zolol [24]
I believe its a ethical dilemma.
8 0
3 years ago
Read 2 more answers
A note receivable Mild Max Cycles discounted with recourse was dishonored on its maturity date. Mild Max would debit: A receivab
Leviafan [203]

Answer:

A receivable.

Explanation:

Mild Max Cycles had a notes receivables, which it already discounted with some financial institution, which later on the maturity date stand to be dishonored.

It is clear that the company earlier already collected the money against it, but now as the note receivable was discounted with recourse that is it provided assurance to the financial institution, in case of any failure, thus, the company will pay back to the financial institution and that the company still have the right to receive it back from the note receivable.

7 0
3 years ago
The assets, liabilities, and equity account of a business, which are interrelated and interact with each other, represent:______
REY [17]

Answer: C. the financial structure of the business

Explanation:

The financial structure of the business is made up of the assets, liabilities, and the equity account of a business, which are interrelated and interact with each other.

The assets are a company's property while liabilities has to do with what the company owes and equity is gotten when liabilities is deducted from the asset.

3 0
3 years ago
Other questions:
  • Look at the table price elasticity. what is the price elasticity of demand (using the midpoint formula) between $2.50 and $2.25?
    11·1 answer
  • Stephanie is nervous about giving a presentation at the marketing firm where she works. One of her male coworkers told her, "Don
    7·2 answers
  • chase lives in oregon but works for a company that is located in florida. what business trend is this an example of ?
    15·1 answer
  • Timothy is a passionate speaker and has a political science degree. He is a natural leader and enjoys a challenge. Suzette also
    6·2 answers
  • Two months ago, Air-tite Corporation purchased 5,500 pounds of Hydrol, paying $18,700. The demand for this product has been very
    14·1 answer
  • One of your employees mentions to you that there is an active grapevine in your organization. Which of the following assumptions
    15·1 answer
  • Mike is driving over to his girlfriend's apartment and decides to buy some gum. He could stop in a gas station, go to any grocer
    9·1 answer
  • How can capitalism be best described in the United States today?
    8·1 answer
  • Mackie Services operates a website that links experienced statisticians with businesses that need data analyzed. Statisticians p
    6·1 answer
  • Sheffield Corp. owns the following assets: Asset Cost Salvage Estimated Useful Life A $540000 $42000 10 years B 201000 23500 5 y
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!