(L05) Grant, a single taxpayer, has qualified business income and the following qualified business deductions after considering...
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(L05) Grant, a single taxpayer, has qualified business income and the following qualified business deductions after considering the wage limitation and the specified services limitation, generated from these activities:
Sunshine LLC | \(\( \$ \) 25,000) |
---|---|
Monsoon S Corporation | 18,000 |
Landslide LLP | 15,000 |
Grant's modified taxable income is \(\( \$ \) 275,000\), which includes net capital gains of \(\( \$ \) 5,000\) and qualified dividend income of \(\( \$ \) 2,500\). What is his allowable QBI deduction?
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Related Book For
Fundamentals Of Taxation For Individuals A Practical Approach 2024
ISBN: 9781119744191
1st Edition
Authors: Gregory A Carnes, Suzanne Youngberg
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