Final Review

Question 1

SSTB - category 2 filer deducts ___ in QBI

Answer 1

0

Question 2

Steps to solve for the QBI deduction for a QTB 1) calculate the _________ QBI deduction 2) calc. the ____ _______ and ____________ limitation 3) calc. the QBI deduction

Answer 2

TENTATIVE; FULL WAGE; PROPERTY LIMITATION

Question 3

Full wage and property limitation calculation: A) take ___% of taxpayer’s share of business’s ____ ______ B) ____% of taxpayer’s share of business’s w-2 wages + ____% of taxpayer’s share of the ______ of qualified property (Take the greater of A and B) (Step 3) take the lesser of the tentative QBI deduction and the greater of the full wage and property limit.

Answer 3

50; W-2 WAGES; 25; 2.5; UBIA (UNADJUSTED BASIS IMMEDIATELY AFTER ACQUISITION)

Question 4

199a QBI deduction is combined ____ deductions or ___% of the taxpayer’s taxable income in excess of ____ _______ ____

Answer 4

QBI; 20; NET CAPITAL GAIN

Question 5

Prior to making payment , co-sureties may see the remedy of ___________ which is the right of a surety prior to payment to get a court order demanding that the debtor pay.

Answer 5

EXONERATION

Question 6

Disallowed charitable contributions for a c corp are carried forward __ years

Answer 6

5