What is mason deduction for qualified business income

Reference no: EM133370175

Question: Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $180,000 salary working full time for Angels Corporation. Angels Corporation reported $400,000 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 $180,000 (all salary from Angels Corporation). Mason claims $50,000 in Itemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. b. 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. Dodillon for coldified business income

Reference no: EM133370175

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