1.Rebecca and Brad are married and will file jointly. Rebecca earns $300,000 from her single-member LLC (a law firm). She reports her business as a sole proprietorship. Wages paid by the law firm amount to $40,000; the law firm has no significant property. Brad is employed as a tax manager by a local CPA firm. Their modified taxable income is $386,600 (this is also their taxable income before the deduction for qualified business income). Determine their QBI deduction for 2020.

2.

For the following exchanges, indicate which qualify as like-kind property.a.Inventory of a sporting goods store in Charleston for land in Savannah.b.Investment land in Virginia Beach for office building in Williamsburg.c.Used automobile used in a business for a new automobile to be used in the business.d.Investment land in Paris for investment land in San Francisco.e.Shares of Texaco stock for shares of Exxon Mobil stoc