Kyra, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not
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Kyra, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a “specified services” business. In 2021, the business pays $100,000 in W–2 wages, has $150,000 of qualified property, and generates $350,000 of qualified business income. Kyra has no other items of income, deduction, or loss and will take the standard deduction. What is Kyra’s qualified business income deduction?
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Kyras taxable income before the QBI deduction is 337450 her prop...View the full answer
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