The following information is for the inventory of mini-kettles at Culver Company Limited for the month of May. Date Transaction Units In Unit Cost Total Units Sold Unit Price Total May 1 Balance 100 $ 4.20 $ 420 6 Purchase 840 4.40 3,696 7 Sale 320 $ 7.00 $ 2,240 10 Sale 320 7.60 2,432 12 Purchase 420 5.00 2,100 15 Sale 210 7.60 1,596 18 Purchase 300 4.60 1,380 22 Sale 420 8.00 3,360 25 Purchase 500 4.60 2,300 30 Sale 210 7.60 1,596 Totals 2,160 $ 9,896 1,480

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Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $155,000 of business income from wcc for the year. jacob’s marginal income tax rate is 37 percent. the business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional medicare tax. (round your intermediate calculations to the nearest whole dollar a) what is the amount of tax jacob will owe on the income allocation if the income is not qualified business income? b) what is the amount of tax jacob will owe on the income allocation if the income is qualified business income (qbi) and jacob qualifies for the full qbi duduction?

You are the owner of a local honda dealership. unlike other dealerships in the area, you take pride in your “no haggle” sales policy. last year, your dealership earned record profits of $1.5 million. however, according to the local chamber of commerce, your earnings were 10 percent less than either of your competitors. in your market, the price elasticity of demand for midsized honda automobiles is 4.5. in each of the last five years, your dealership has sold more midsized automobiles than any other honda dealership in the nation. this entitled your dealership to an additional 30 percent off the manufacturer’s suggested retail price (msrp) in each year. taking this into account, your marginal cost of a midsized automobile is $11,000. what price should you charge for a midsized automobile if you expect to maintain your record sales?