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Lelechka [254]
3 years ago
11

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

married 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 2020
Business
1 answer:
tatiyna3 years ago
7 0

Answer:

$57,000

Explanation:

Net Income reported = $300,000

W-2 Wages = $120,000

Assets with an adjusted basis = $75,000

Taxable income before QBI deduction = $285,000

Total taxable income from all source deduction(including standard deduction) = $1,200 for singles & $24,000 for married filling jointly

<u>Calculation of QBI deduction for 2020</u>

The maximum possible pass through deduction = 20% * $285,000 = $57,000

Hence, the income is not over $415,000. So he doesnt qualify for the W-2 wages deduction.

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"The Bank of England is concerned that the British Pound is weakening against the U.S. Dollar. A method for the Bank of England
sukhopar [10]

Complete/Correct Question:

The Bank of England is concerned that the British Pound is weakening against the U.S. Dollar. A method for the Bank of England to strengthen its currency would be to:

A. raise British interest rate levels

B. lower British interest rate levels

C. raise U.S. interest rate levels

D. lower U.S. interest rate levels

Answer:

A, raise British interest rate levels

Explanation:

Increasing the interest rate levels of the British will help strengthen the pound against the Dollar. This would mean that the United States is offering lower interest rate.

This is possible because a higher interest rate means that lenders will make higher returns compared to countries with lower interest rates.

Cheers.  

8 0
3 years ago
The economic situation of Rutenia is characterized by the following facts: GDP. Strong economic growth, of about 4%. Unemploymen
True [87]

Answer:

See below

Explanation:

Although a great GDP of 4% gives the impression of a strong economy, as is the case here, the inflation rate is much higher than desired. So, economic policies need to be reviewed in order to determine where the problem lies and what steps can be taken to remedy this situation.

3 0
4 years ago
Robust, a leading industrial manufacturer, has developed a new air conditioner with high cooling capacity. To identify potential
stich3 [128]

Answer:

This scenario illustrates lead generation.

Explanation:

Lead generation is the way toward pulling in and changing over customers and into somebody who has shown passion for your organization's item or products. A few examples of lead generations are requests for newspapers, blog entries, search engines and various other online contents. Similar, lead generation is combined with lead management to increases purchases, and the process is called pipeline marketing.

8 0
3 years ago
The maximum fine for a first non-driving alcohol-related offense of possession or consumption of alcohol by a minor is? $1,500 $
White raven [17]

The maximum fine for a first non-driving alcohol-related offense of possession or consumption of alcohol by a minor is $500. Option C

This is further explained below.

<h3>What is minor?</h3>

Generally, A person who has not yet reached the age of majority is considered a minor under the law. While the legal age of the majority varies by country and context, it is typically 18 years of age.

An amount that must be paid as restitution for an infraction The driver was required to make a monetary payment for the speeding ticket. Furthermore, forfeiture or penalty is paid to an injured party in a civil lawsuit where that party was found to be at fault. it may also be: a settlement reached in a made-up lawsuit that serves as a method of transferring property ownership.

In conclusion, Option C imposes a maximum punishment of $500 for a first offense of underage alcohol possession or consumption that does not include driving.

Read more about minor

brainly.com/question/14894571

#SPJ1

7 0
2 years ago
David contributes investment land with a basis of​ $24,000 and an FMV of​ $40,000 to a partnership for a​ 10% interest in partne
creativ13 [48]

Answer:

C) $1,200 capital gain.

Explanation:

David's basis  on the land was $24,000

liability assumed by other partners = $30,000 x  (1 - 10%) = $27,000

liability assumed by  David on the partnership's other liabilities = $18,000 x 10% = $1,800

David's gain = liability assumed by other partners ($27,000) - land basis ($24,000) - additional liability assumed by David ($1,800) = $1,200 gain

When a partner contributes property to a partnership, his/her gain or loss must be determined using the asset's basis, not the fair market value.

4 0
3 years ago
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