Question
1. Tammy has $200,000 of QBI from her neighborhood clothing store (a sole proprietorship). Tammys proprietorship paid $30,000 in W-2 wages and has $20,000 of
1. Tammy has $200,000 of QBI from her neighborhood clothing store (a sole proprietorship). Tammys proprietorship paid $30,000 in W-2 wages and has $20,000 of qualified property. Tammyand her spouse file a joint return and their Modified Taxable Income is $250,000. What is their QBI deduction for 2018?
| a. | $0 | |
| b. | $40,000 | |
| c. | $54,000 | |
| d. | $50,000 |
2. During the year, Walt (self-employed) travels from Seattle to Tokyo (Japan) on business. His time was spent as follows: 2 days travel (one day each way), 2 days business, and 2 days personal. His expenses for the trip were as follows:
| Air fare | $3,000 |
| Lodging for 2 business days | 2,000 |
| Meals for 2 business days | 1,000 |
Presuming no reimbursement, Walts deductible expenses are:
| a. | $5,500 | |
| b. | $2,500 | |
| c. | $4,500 | |
| d. | $3,000 |
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Managerial Accounting Tools For Business Decision Making Wileyplus Lms Student Package
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
8th Edition
1119390249, 978-1119390244
