Reference no: EM132835373
Questions -
Q1. Evergreen Inc. a C Corporations had the following transactions for the current year.
Gross income from operations $461,600
Expenses from operations 484,680
Dividends received from domestic corporations (15% ownership) 346,200
What is Evergreen Inc.'s dividends received deduction for the current year?
a. None of the above.
b. $161,560
c. $173,100
d. $346,200
Q2. Thad, a single taxpayer, has taxable income before the QBI deduction of $185,000. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2020, his proprietorship generates qualified business income of $148,000, W-2 wages of $111,000, and $8,800 of qualified property. Assume the QBI amount is net of the self-employment tax deduction. If required, round any division to two decimal places. Round your final answer to the nearest dollar.
What is Thad's qualified business income deduction?
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