Solution-What is mason deduction for qualified business

What is mason deduction for qualified business income

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Reference no: EM133258374

Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $188,500 salary working full time for Angels Corporation. Angels Corporation reported $434,000 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 $188,500 (all salary from Angels Corporation). Mason claims $67,000 in itemized deductions.

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 wage-based limitation when computing the deduction.

Reference no: EM133258374

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What is mason deduction for qualified business income

Reference no: EM133258374

Reference no: EM133258374

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