Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $186,000 salary working 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 itemized deductions. 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 year. What is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction. question (b) said the following: Assuming the business income allocated to Mason is income from a specified service trade or business,
Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $186,000 salary working 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 itemized deductions. 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 year. What is Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction. question (b) said the following: Assuming the business income allocated to Mason is income from a specified service trade or business,
Chapter3: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 35P
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Problem 04-46 (LO 04-3) (Algo)
[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 $186,000 salary working 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 itemized
deductions. 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 year. What is Mason's deduction for qualified business income? Ignore the wage-based limitation
when computing the deduction.
question (b) said the following: Assuming the business income allocated to Mason is income from a
specified service trade or business,](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9be32c4b-c4c1-46f6-a3d9-7d99fd92839a%2F0635f1b1-741e-47a2-87e5-458558ce49cb%2Fikjpzh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
Problem 04-46 (LO 04-3) (Algo)
[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 $186,000 salary working 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 itemized
deductions. 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 year. What is Mason's deduction for qualified business income? Ignore the wage-based limitation
when computing the deduction.
question (b) said the following: Assuming the business income allocated to Mason is income from a
specified service trade or business,
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