Larry and Donna are married. Donna has a qualified business that is not a specified service business.
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Larry and Donna are married. Donna has a qualified business that is not a specified service business. For the 2019 tax year, they file a joint return reporting taxable income of $335,000. In that tax year, 20% of the qualified business income from Donna’s business is $35,000. Donna’s share of wages paid by the business in the tax year is $50,000. Donna's share of the qualified property is $5,000,000. What is Larry and Donna's Section 199A deduction?
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Related Book For
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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