Complete the following statements regarding the general rules for the QBI deduction and how is it computed. Be specific.
a. The QBI deduction is available to (all/ corporate/ noncorporate) taxpayers. It applies to the qualified business income generated through (all buisness entities/ C and S corporations/ a sole proprietership, a partnership, or an S corporation) .
b. In general, the deduction for qualified business income is the (higher/ lesser) of:
1) % of qualified business income, or
2) % of modified taxable income.
c. The QBI deduction is a deduction (for/ from) AGI. Further, the deduction is available (only if the standard deduction is used/ only if the taxpayer itemizes deductions/ whether the taxpayer uses the standard deduction or itemizes deductions) .

Costco wholesale corporation operates membership warehouses selling food, appliances, consumer electronics, apparel and other household goods at 471 locations across the u.s. as well as in canada, mexico and puerto rico. as of its fiscal year-end 2005, costco had approximately 21.2 million members. selected fiscal-year information from the company's balance sheets follows. ($ millions). selected balance sheet data 2005 2004 merchandise inventories $4,015 $3,644 deferred membership income (liability) 501 454 (a) during fiscal 2005, costco collected $1,120 cash for membership fees. use the financial statement effectstemplate to record the cash collected for membership fees. (b) in 2005, costco recorded $46,347 million in merchandise costs (that is, cost of goods sold). record thistransaction in the financial statement effects template. (c) determine the value of merchandise that costco purchased during fiscal-year 2005. use the financial statementeffects template to record these merchandise purchases. assume all of costco's purchases are on credit.

According to management education expert ashok rao, companies can increase their profitability by through careful inventory management. a. 5% to 10% b. 10% to 25% c. 20% to 50% d. 75%

Trade will take place: a. if the maximum that a consumer is willing and able to pay is less than the minimum price the producer is willing and able to accept for a good. b. if the maximum that a consumer is willing and able to pay is greater than the minimum price the producer is willing and able to accept for a good. c. only if the maximum that a consumer is willing and able to pay is equal to the minimum price the producer is willing and able to accept for a good. d. none of the above.