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Problem 7 - 4 8 ( LO 7 - 5 ) Zofia is self - employed, files a Schedule C , and owns a qualified
Problem LO Zofia is selfemployed, files a Schedule C and owns a qualified business for calculation of QBI. Zofia had $ in taxable business income on Schedule C On Zofia sold some office equipment for $ which was purchased on for a cost of $ The office equipment is being depreciated over seven year MACRS halfyear convention. Zofia has no other qualified businesses. Zofia's taxable income for the income limitation is $Hint: it will be useful to use information from Chapter Form Schedule and Form as a guide. Use:able A: Required: a What is the Section depreciation recapture if any on the sale of the office equipment? b What is the selfemployment deduction on the income from Zofia's business? c What is Zofia's Qualified Business Income QBI for Form d What is Zofia's Qualified Business Income Deduction QBID for Form e Assuming there are no other items for Form what amounts will be entered on Line of Form f Assuming there are no other items for Schedule what amounts will be entered on Line of Form g Assuming there are no other items for Schedule what amounts will be entered on Line a of Form Complete this question by entering your answers in the tabs below. What is the Section depreciation recapture if any on the sale of the office equipment? Note: Do not round your intermediate calculations and round your answer to the nearest whole dollar.
Problem LO
Zofia is selfemployed, files a Schedule C and owns a qualified business for calculation of QBI. Zofia had $ in taxable business
income on Schedule C On Zofia sold some office equipment for $ which was purchased on for a cost of
$ The office equipment is being depreciated over seven year MACRS halfyear convention. Zofia has no other qualified
businesses. Zofia's taxable income for the income limitation is $Hint: it will be useful to use information from Chapter Form
Schedule and Form as a guide. Use:able A:
Required:
a What is the Section depreciation recapture if any on the sale of the office equipment?
b What is the selfemployment deduction on the income from Zofia's business?
c What is Zofia's Qualified Business Income QBI for Form
d What is Zofia's Qualified Business Income Deduction QBID for Form
e Assuming there are no other items for Form what amounts will be entered on Line of Form
f Assuming there are no other items for Schedule what amounts will be entered on Line of Form
g Assuming there are no other items for Schedule what amounts will be entered on Line a of Form
Complete this question by entering your answers in the tabs below.
What is the Section depreciation recapture if any on the sale of the office equipment?
Note: Do not round your intermediate calculations and round your answer to the nearest whole dollar.
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