QUESTION 37 Ronnie, who is married and files jointly, is employed as a senior staff accountant at a Big 4 accounting firm. His salary for the current year is $150,000. His wife is employed as an architest at a large architectural firm. Her salary for the year $160,000. They have no other income sources and their combined taxable income for the current year (after deductions) is $280,000. Ronnie and his wife will be entitled to a qualified business income deduction of: Zero. $62,000 $56,000. $32,000 None of the above. QUESTION 38 Cary owns 100% of Salt, an S corporation. Salt had net taxable income of $80,000 and made a $15,000 distribution to Cary. Assume Cary's basis in Salt is $40,000 before considering these above transactions. How much taxable income must Cary report based on these facts? O $95,000 $120,000 $80,000. $55,000. None of the above. QUESTION 39 Raj is a 50% shareholder in an Scorporation. In the current year, he is reporting $50,000 of salary, $2,000 of interest income, $20,000 of qualified business income from the corporation and $10,000 of long-term capital gain. Raj's taxable income before the qualified business income deduction is $65,000. Raj will be allowed a QBI deduction of A) $20,000 B) $4,000. C) $11,000. D) $13,000. [