Jay is a 30% partner in the Closet Partnership. In 2018, Closet paid W-2 wages of $24,000
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Jay is a 30% partner in the Closet Partnership. In 2018, Closet paid W-2 wages of $24,000 and held qualified property of $600,000. In 2018, Jay’s QBI deduction is subject to the wage limitation due to his income. If Closet allocates wages and qualified property in the same manner as income (based on percentage ownership), what is Jay’s wage limit on the QBI deduction?
a. $12,000
b. $3,600
c. $6,300
d. $4,500
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Related Book For
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
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