question archive A single taxpayer is the sole shareholder of a law firm treated as an S corporation
A single taxpayer is the sole shareholder of a law firm treated as an S corporation
Subject:LawPrice: Bought3
A single taxpayer is the sole shareholder of a law firm treated as an S corporation. The law firm reported the following items:
Ordinary business income (net)$150,000
Wages paid 250,000
Qualified property's unadjusted basis 60,000
Assume the Section 199A threshold is $160,700 for the current year. If the taxpayer's taxable income is $300,000, what amount, if any, is the taxpayer's total qualified business income with respect to the law firm?
