Question
12. In 2021, Bobs Books, a sole proprietorship, generates $100,000 in qualified business income (QBI). His overall taxable income prior to the Section 199A deduction
12. In 2021, Bobs Books, a sole proprietorship, generates $100,000 in qualified business income (QBI). His overall taxable income prior to the Section 199A deduction is $710,000. Bobs Books pays $30,000 of W-2 wages and has tangible depreciable property with an unadjusted basis of $60,000. How much is Bob, a married taxpayer (who filing jointly with his spouse) and the owner of Bobs Books, allowed as a Section 199A deduction? Group of answer choices
$15,000
$20,000
$142,000
$9,000
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College Accounting A Practical Approach Chapters 1-25
Authors: Jeffrey Slater
12th Edition
013277206X, 978-0132772068
