Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation). Kiyara does...
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Accounting
Kiyara single is a percent shareholder of Guardian Corporation an S Corporation Kiyara does not do any work for Guardian Corporation. Guardian Corporation reported $ of business income for the year Before considering her business income allocation from Guardian Corporation and the selfemployment tax deduction if any Kiyara's adjusted gross income was $all employee salary Kiyara has $ in itemized deductions. Answer the following questions for Kiyara.
Note: Leave no answer blank. Enter zero if applicable.
Problem Part b Algo
b Assuming the income allocated to Kiyara is qualified business income, what is Kiyara's deduction for qualified business income? Assume Kiyara's share of wages paid by Guardian Corporation is $ and her share in the unadjusted basis of qualified property used by Guardian was $
Deduction for qualified business income
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