Question

In the current year, Riflebird Company had operating income of $220,000, operating expenses of $175,000, and a long-term capital loss of $10,000. How do Riflebird Company and Roger, the sole owner of Riflebird, report this information on their respective Federal income tax returns for the current year under the following assumptions?

If an amount is zero, enter "0".

a. Riflebird Company is a proprietorship (Roger did not make any withdrawals from the business).

Roger reports $45000 net operating profit and $10000 long-term capital loss on his tax return. Roger would claim a $________ deduction for qualified business income. Riflebird Company, as a proprietorship, files no entity Federal income tax return for the year.

Answer 1

Answer: calculation of Roger claim.of deduetion's Roger can claim up to 20% of qualified business income · Roger claim deduction = $ 45,000x20% $7000. ::. Roger would claim a $9000 deduction for qualified business ineome.