Which of the following statements regarding primary sources of accounting and financial reporting standards is false? Multiple Choice The GASB sets standards for all state and local governments. The FASAB sets standards for the federal government and its agencies and departments. The FASB sets standards for all business and not-for-profit entities. The FASB and GASB are administered by the Financial Accounting Foundation.

Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $155,000 of business income from wcc for the year. jacob’s marginal income tax rate is 37 percent. the business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional medicare tax. (round your intermediate calculations to the nearest whole dollar a) what is the amount of tax jacob will owe on the income allocation if the income is not qualified business income? b) what is the amount of tax jacob will owe on the income allocation if the income is qualified business income (qbi) and jacob qualifies for the full qbi duduction?