Our biggest client is Trang Nguyen. Trang’s only source of income…

Question Our biggest client is Trang Nguyen. Trang’s only source of income… Our biggest client is Trang Nguyen.  Trang’s only source of income is $40,000,000 of income from a partnership in which she materially participates in.  She is single and her only itemized deduction is the $600,000 in property taxes she pays on her $45,000,000 principal residence located in Texas where she lives.                         She has been following Joe Biden’s proposed tax act, the Build Back Better Act, since it was introduced in September and is very frustrated because it changes almost daily. ISSUE:           She has chosen the House Rules Committee version as amended on 11/04/2021,  Based upon this version of the Act: What will her highest federal marginal tax bracket be in 2022?How much property taxes will she be able to deduct in 2021?           CONCLUSION:        Trang Nguyen highest federal marginal tax bracket in 2022 will be 37%.She will be able to deduct $10,000 in 2021.                                     I got the solution from my professor but and for number 2 question he said it more than $10,000.I look for it online the SALT deduction is from $10,000 to $80,000. So how much property taxes will Trang be able to deduct in 2021? Please also check the work below1. Trang Nguyen’s net taxble income for the year of 2022:Partnership firm’s income               $40,000,000Less: Itemized deduction                     ($600,000)Net taxable income                           $39,400,000Trang Nguyen’s taxable income is $39,400,000, so her tax bracket is 37%, and adds millionaire’s surtax and changes to the net investment income tax Law Social Science Tax law ACCT 308 Share QuestionEmailCopy link Comments (0)

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