Susan, a single taxpayer, owns and operates a bakery (as a s…

Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a specified services business. In 2020, the business pays $60,000 in W-2 wages, has $150,000 of qualified property, and $200,000 in net income (all of which is qualified business income). Susan also has a part-time job earning wages of $13,600, receives $3,400 of interest income, and will take the standard deduction. What is Susan’s qualified business income deduction? Show your work for full or partial credit.

At the annual shareholders’ meeting of Garfield, Inc., one s…

At the annual shareholders’ meeting of Garfield, Inc., one shareholder turned to the other and whispered, “Our CEO, Mike Perez, has done an outstanding job of leading his division presidents to set aside their personal interests for the betterment of Garfield. And Mike is just such an exciting and passionate man. He has done wonders in turning around this organization.” The other shareholder replied, “Indeed, Mike truly stands out as a ________. I’m so glad that I’ve invested heavily in Garfield!”