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Len [333]
3 years ago
15

Tanuja Singh is a CPA and operates her own accounting firm (Singh CPA, LLC). As a single-member LLC, she reports her accounting

firm operations as a sole proprietor. Tanuja has QBI from her accounting firm of $540,000, reports W-2 wages of $156,000, and the unadjusted basis of property used in the LLC is $425,000. Tanuja is married and will file a joint tax return with her spouse. Their taxable income before the QBI deduction is $475,000, and their modified taxable income is $448,000. What is Tanuja's QBI deduction for 2019.
Business
1 answer:
AnnyKZ [126]3 years ago
6 0

Answer:

Tanuja is not entitled to a QBI deduction in 2019.

Explanation:

Tanuja has QBI from her accounting firm of $540,000

W-2 wages = $156,000

Unadjusted basis of property used in the LLC = $425,000

Taxable income before the QBI deduction = $475,000

Modified taxable income = $448,000.

Her accounting firm is a "specified services" business and she and her spouse's taxable income before the QBI deduction is $475,000, which exceeds the threshold for 2019.

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Interstate Manufacturing is considering either replacing one of its old machines with a new machine or having the old machine ov
Aleksandr-060686 [28]

Answer and Explanation:

According to the scenario, computation of the given data are as follow:-

a) Net Present Value of Alternative 1

Given that

Net Initial cash investment = $150,000

Rate of return on investment = 10%

Salvage value of old machine = $15,000  

Subsequent Cash Inflow is

= Expected Revenue Generated - Operating Cost After Overhaul

= $95,000 - $42,000

= $53,000

Year  Subsequent Cash Inflow($) Present Value Table  (10%) Present Value Of Cash Inflow($)

1 $53,000         0.909    $48,177

2 $53,000         0.826    $43,778

3 $53,000         0.751   $39,803

4 $53,000         0.683   $36,199

5 $68,000

(53,000+15,000) 0.621   $42,228

Total                      $210,185

   

Now

Net Present Value is

= Present Value of Cash Inflow - Present Value of Cash Outflow

= $210,185 - $150,000

= $60,185

b).Net Present Value of Alternative 2

Net initial cash investment = 300,000

Rate of return on investment = 10%

Cash Outflow is

= Expected Revenue Generated - Operating Cost

= $100,000 - $32,000

= $68,000

Year  Cash Outflow($) Present Value Table (10%) Present Value ($)

1         $68,000                   0.909                                $61,812

2         $68,000                  0.826                                $56,168

3         $68,000                  0.751                                $51,068

4          $68,000          0.683                                $46,444

5          $88,000          0.621                                $54,648

      ($68,000 + $20,000)

Add: Salvage value of old machine now        $29,000

Total value                                                         $299,140

Now

Net Present Value is

= Present Value of Cash Inflow - Present Value of Cash Outflow

= $299,140 - $300,000

= -$860

c).According to the analysis, we recommended alternative 1 for selecting by management as it contains positive net present value

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Michigan Cranberry Company sold $10 million worth of cranberries it produced. In producing cranberries, it purchased $1 million
rusak2 [61]

Answer:

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Explanation:

The gross domestic product includes all the final and legal goods and services produced in an economy during one year.

Michigan Cranberry produced $10 million worth of cranberries, but in doing so, it imported $1 million worth of supplies from other countries. Cross border labor is included in the GDP.

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Anarel [89]
B. leah did not have to provide collateral

5 0
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Answer: Equipment Cr. $208,831.00

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