Business, 26.03.2020 03:27, felalv4444

Rob operates a small plumbing supplies business as a sole proprietor. In 2018, the plumbing business has gross business income of $421,000 and business expenses of $267,000, including wages paid of $58,000. The business sold some land that had been held for investment generating a long-term capital gain of $15,000. The business has $300,000 of qualified business property in 2018. Rob's wife, Marie, has wage income of $250,000. They jointly sold stocks in 2018 and generated a long-term capital gain of $13,000. Rob and Marie have no dependents and in 2018, they take the standard deduction of $24,000.

The income threshold for QBI limitations starts at $315,000 for married filing jointly taxpayers.

a. What is Rob and Marie's taxable income before the QBI deduction?

b. What is Rob and Marie's QBI?

c. What is Rob and Marie's QBI deduction?

Answers: 1

Show answers

Other questions on the subject: Business

Business, 21.06.2019 15:00, jadejordan8888

When consumers discard their gasoline-powered automobiles for electric-powered ones, this partially reflects the of gasoline?

Answers: 1

continue

Business, 21.06.2019 19:10, corcoranrobert1959

Goals that are overly ambitious can discourage employees and decrease motivation, yet the idea of stretch goals is proposed as a way to get people fired up and motivated. as a manager, how might you decide where to draw the line between a “good” stretch goal and a “bad” one that is unrealistic?

Answers: 1

continue

Business, 21.06.2019 22:00, savannahvargas512

Sharon had some insider information about a corporate takeover. she unintentionally informed a friend, who immediately bought the stock in the target corporation. the takeover occurred and the friend made a substantial profit from buying and selling the stock. the friend told sharon about his stock dealings, and gave her a pearl necklace because she "made it all possible." the necklace was worth $10,000, but she already owned more jewelry than she desired.

Answers: 2

continue

Business, 22.06.2019 03:00, avrieell8584

1) u. s. real gdp is substantially higher today than it was 60 years ago. what does this tell us, and what does it not tell us, about the well-being of u. s. residents? what are the limitations of the gdp as a measure of economic well-being? given the limitations, why is gdp usually regarded as the best single measure of a society’s economic well-being? 2) what is an intermediate good? how does an intermediate good differ from a final good? explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of gdp, but the value of intermediate goods produced and not sold is included directly as part of gdp.

Answers: 2

continue

Do you know the correct answer?

Rob operates a small plumbing supplies business as a sole proprietor. In 2018, the plumbing business...