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Noreen's filing status is head of household. She owns and operates a hardware store which has the following revenues and expenses for the current year.

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Noreen's filing status is head of household. She owns and operates a hardware store which has the following revenues and expenses for the current year. Revenue $300,000 Expenses: Cost of goods sold 80,000 Property taxes 30,000 Repairs and maintenance 20,000 Advertising and other costs 10,000 During 2020, Noreen received corporate bond interest income of $9,650, qualified dividend income of $7,000, and has net capital gains of $6,000. She has no other it that would affect her adjusted gross income (AGI). Her itemized deductions total $16,000. Required: a. Using good form, compute Noreen's qualified business net income (QBI) gen from her hardware store. b. Using good form, compute Noreen's Modified Taxable income, and also her deduction for 2020. c. Assume that Noreen received corporate bond interest income of $46,000, not and that itemized deductions total 26,000, not $16,000. Using good form, cor Noreen's Modified Taxable income, and also her QBI deduction for 2020

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