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Keiji Jones is the owner of a small retail business operated as a sole proprietorship. During 2021, his business recorded the following items of income
Keiji Jones is the owner of a small retail business operated as a sole proprietorship. During 2021, his business recorded the following items of income and expense: a. Compute taxable income attributable to the sole proprietorship by completing Schedule C to be included in Keiji's 2021 Form 1040. b. Compute self-employment tax payable on the earnings of Keiji's sole proprietorship by completing a 2021 Schedule SE, Form 1040. c. Assume that Keiji's business is not a service business, and that it has $155,000 unadjusted basis in tangible depreciable property. Calculate Keiji's 2021 QBI deduction, before any overall taxable income limitation
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