Elliot and conrad (a two-member llc) operated a consulting firm (a "specified services" business). the business is equally owned and the two are not related. the business generates net income of $280,000, pays w–2 wages of $170,000, and has qualified business property of $140,000. elliot's wife, julie, is an attorney who works for a local law firm and receives wages of $90,000. they will file a joint tax return and use the standard deduction of $24,000. conrad's wife, jessica, earned wages during the year of $350,000, and conrad and jessica have itemized deductions of $62,000 and will file a joint return.

a. what is elliot's qualified business income deduction?

Which of the following goals is most effective? i will purchase a house by age twenty-five. i will purchase a three-bedroom house located near cherry park by my twenty-fifth birthday. in order to reach this goal, i will graduate from college and secure a job as a software developer.

Identify the accounting assumption or principle that is described below. (a) select the accounting assumption or principle is the rationale for why plant assets are not reported at liquidation value. (note: do not use the historical cost principle.) (b) select the accounting assumption or principle indicates that personal and business record-keeping should be separately maintained. (c) select the accounting assumption or principle assumes that the dollar is the "measuring stick" used to report on financial performance. (d) select the accounting assumption or principle separates financial information into time periods for reporting purposes. (e) select the accounting assumption or principle measurement basis used when a reliable estimate of fair value is not available. (f) select the accounting assumption or principle dictates that companies should disclose all circumstances and events that make a difference to financial statement users.

The vaska company buys a patent on january 1, year one, and agrees to pay $100,000 per year for the next five years. the first payment is made immediately, and the payments are made on each january 1 thereafter. if a reasonable annual interest rate is 8 percent, what is the recorded value of the patent? 1. $378,4252. $431,2133. $468,9504. $500,000