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Diego and Molly are married and will file a joint return. Diego earns $300,000 from his single member LLC (a law firm), which the tax law treats as a sole proprietorship. Wages paid by the law firm amount to $40,000; the law firm owns no significant property. Molly is employed as a tax manager by a local CPA firm. Diego and Molly's modified taxable income is $381,400 (this also equals taxable income before the QBI deduction).
Question 1: What is their tentative QBI based on the W-2 Wages/Capital Investment Limit?
Question 2: Determine their allowable QBI deduction?
Petty Cash Tickets for the month includethe follwing items: Food & Beverages $85.00; At 05/01/19, record the entry for the establishment of the fund
Share capital - ordinary $ 40 par value (100,000 shares authorized, 65,000 shares issued and outstanding) $2,600,000. Make journal entry for the transactions
Journalize the entries to record the transactions, and post to the eight selected accounts. No post ref is required in the journal.
In journal entry form, create the spreadsheet entries to record these transactions for Collins Company's 2016 and 2017 statement of cash flows.
What deferred gross profit for is? General and administrative expense 50,000. Cost of installment sales 312,000. Cost of regular sales 150,000
Which one of the following traits refers to high levels of effort and is characterized by achievement, motivation, ambition, energy, tenacity, and initiative?
On May 2, 1987, Hannah acquired residental real estate for $450,000. Of the cost, $100,000 was allocated to the land and $350,000 to the building. On August 20, 2015, the building, which then had an adjusted basis of $0, was sold for $545,000 a..
Determine (a) the operating income if sales total 8,000 units and (b) the maximum operating income that could be realized during the year
TESCO, a large retail chain has offered to purchase 5,000 units of the stove, Determine the impact on profits next year if this special order is accepted
What is the amount of cash disbursement per book in July? There were total deposits of P6, 500,000 and charges for disbursement of P9, 000,000 for July
Indicate the correct assertion being tested and type audit evidence. The depreciation period of the building has been recorded.
What is the nominal annual rate of interest if you decide to use the credit and not pay in 10 days?
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