Question
i'd appreciate the help Required information I-The 'o,'towing information applies to the questions displayed below.) Mason (single) is a 50 percent shareholder in Angels Corporation
i'd appreciate the help
Required information I-The 'o,'towing information applies to the questions displayed below.) Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a S'80,OOO salary working full time for Angels Corporation, Angels Corporation reported $400,000 Of taxable business income for the year (2023). Before considering his business income allocation from Angels and the self-employment tax deduction (il any). Mason's adjusted gross income is $180,000 (all salary from Angels Corporation). Mason claims "0.000 in nemized deductions. Answer the following questions for Mason. Note: Leave no answer blank. Enter zero if applicable. c. Assume the same facts as question except that Angels Corporation reported $150,000 Of taxable business income for the year. What 's Mason's deduction for qualified business income? Ignore the wage-based limitation when computing the deduction.
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