1. Jafar and Jasmine are equal partners in Aladdin, a partnership that is a qualified trade or business. In the current year, Aladdin had $331,400 of ordinary income after reporting $150,000 in guaranteed payments to Jasmine for her services to Aladdin. What is Jasmine's qualified business income for the year?

Answer: $ ..........

2. 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?

$346,200 None of the above. $161,560 $173,100

3,

Brad and Katie are married and will file a joint tax return. Katie has a sole proprietorship (not a specified services business) that generates qualified business income of $300,000. The proprietorship pays W2 wages of $40,000 and holds property with an unadjusted basis of $20,000. Brad is employed by a local school district. Their taxable income before the QBI deduction is $381,400 (this is also their modified taxable income). What is their qualified business income deduction?

Answer...........

4.

Goose Corporation, a C corporation, incurs a net capital loss of $20,300 for 2019. It also has ordinary income of $16,240 in 2019. Goose had net capital gains of $4,060 in 2015 and $8,120 in 2018.

If an amount is zero, enter "0".

a. Determine the amount, if any, of the net capital loss of $20,300 that is deductible in 2019. $...........

b. Determine the amount, if any, of the net capital loss of $20,300 that is carried forward to 2020. $..............

5.

Which of the following types of income are included in qualified business income (QBI)?

a.Wages paid to an employee.

b.Guaranteed payments made in compensation for services performed by a partner to a partnership.

c.Income earned from foreign business operations.

d.Income generated from a qualified trade or business.

e.All of these choices are correct

6.

Jenna Parker owns and manages her single-member LLC, which provides a wide variety of financial services to her clients. She is married and will file a joint tax return with her spouse, Paul. Her LLC reports $300,000 of net income, W-2 wages of $120,000, and assets with an unadjusted basis of $75,000. Their taxable income before the QBI deduction is $285.000 (this is also their modified taxable income). What is their QBI deduction for 2019?

a.$57,000.

b.$-0-.

c.$70,000.

d.$60,000.

e.None of these choices are correct.