Required information [The following information applies to the questions displayed below.] Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $187,500 salary working full time for Angels Corporation. Angels Corporation reported $430,000 of taxable business income for the year (2023). Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $187,500 (all salary from Angels Corporation). Mason claims $65,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. :. Assume the same facts as question (b), except that Angels Corporation reported $180,000 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.
Required information [The following information applies to the questions displayed below.] Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $187,500 salary working full time for Angels Corporation. Angels Corporation reported $430,000 of taxable business income for the year (2023). Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $187,500 (all salary from Angels Corporation). Mason claims $65,000 in itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. :. Assume the same facts as question (b), except that Angels Corporation reported $180,000 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.
Chapter3: Computing The Tax
Section: Chapter Questions
Problem 38P
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Question
![Required information
[The following information applies to the questions displayed below.]
Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $187,500 salary
working full time for Angels Corporation. Angels Corporation reported $430,000 of taxable business income for the
year (2023). Before considering his business income allocation from Angels and the self-employment tax deduction (if
any), Mason's adjusted gross income is $187,500 (all salary from Angels Corporation). Mason claims $65,000 in
itemized deductions. Answer the following questions for Mason.
Note: Leave no answer blank. Enter zero if applicable.
c. Assume the same facts as question (b), except that Angels Corporation reported $180,000 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.
36,000 X
Deduction for qualified business income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F71bd720c-1204-40e5-b458-72720bbdf294%2Ffa9426ad-58c6-4ccf-a0e4-59eb5e89c77e%2F383ovdq_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $187,500 salary
working full time for Angels Corporation. Angels Corporation reported $430,000 of taxable business income for the
year (2023). Before considering his business income allocation from Angels and the self-employment tax deduction (if
any), Mason's adjusted gross income is $187,500 (all salary from Angels Corporation). Mason claims $65,000 in
itemized deductions. Answer the following questions for Mason.
Note: Leave no answer blank. Enter zero if applicable.
c. Assume the same facts as question (b), except that Angels Corporation reported $180,000 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.
36,000 X
Deduction for qualified business income
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