Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives...
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Mason single is a percent shareholder in Angels Corporation an S Corporation Mason receives a $ salary working full time for Angels Corporation. Angels Corporation reported $ of taxable business income for the year Before considering his business income allocation from Angels and the selfemployment tax deduction if any Mason's adjusted gross income is $all salary from Angels Corporation Mason claims $ in itemized deductions. Answer the following questions for Mason. A Assuming the business income allocated to Mason is income from a specified service trade or business, what is Mason's deduction for qualified business income? Ignore the wagebased limitation when computing the deduction. What is the deduction for qualified business income? B Assume the same facts as question b except that Angels Corporation reported $ of taxable business income for the year. What is Mason's deduction for qualified business income? Ignore the wagebased limitation when computing the deduction. What is the deduction for qualified business income?
Mason single is a percent shareholder in Angels Corporation an S Corporation Mason receives a $ salary working full time for Angels Corporation. Angels Corporation reported $ of taxable business income for the year Before considering his business income allocation from Angels and the selfemployment tax deduction if any Mason's adjusted gross income is $all salary from Angels Corporation Mason claims $ in itemized deductions. Answer the following questions for Mason.
A Assuming the business income allocated to Mason is income from a specified service trade or business, what is Mason's deduction for qualified business income? Ignore the wagebased limitation when computing the deduction. What is the deduction for qualified business income?
B Assume the same facts as question b except that Angels Corporation reported $ of taxable business income for the year. What is Mason's deduction for qualified business income? Ignore the wagebased limitation when computing the deduction. What is the deduction for qualified business income?
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