Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $186,000 salaryworking full time for Angels Corporation. Angels Corporation reported $424,000 of taxable business income for the year(2022). Before considering his business income allocation from Angels and the self-employment tax deduction (if any).Mason's adjusted gross income is $186,000 (all salary from Angels Corporation). Mason claims $62,000 in itemizeddeductions. Answer the following questions for Mason.Note: Leave no answer blank. Enter zero if applicable.Problem 04-46 Part c (Algo)c. Assume the same facts as question (b), except that Angels Corporation reported $174,000 of taxable business income for the yearWhat is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction.Answer is complete but not entirely correct.Deduction for qualified business income124.000

A specified service trade or business (SSTB) includes professional services like healthcare, law,…

c. Assume the same facts as question (b), except that Angels Corporation reported $174,000 of taxable business income for the year What is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction. Answer is complete but not entirely correct. $124.000 Deduction for qualified business income

c. Assume the same facts as question (b), except that Angels Corporation reported $174,000 of taxable business income for the year What is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction. Answer is complete but not entirely correct. $124.000 Deduction for qualified business income

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 29P

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