2. Chase is a 25% partner in a limited partnership that owns a retail shopping center. The partnership purchased the facility ten years ago for $10 million, $2 million of which was allocated to the underlying land. The partnership generates $1 million of rental income each year, and pays employees $200,000 a year to manage the leasing operations. Assume Chase has sufficient income apart from his share of profits from the partnership to subject him to the full range of limitations under 199A. Discuss the application of 199A to his distributive share of income from the partnership. 3. Doc is a veterinarian who owns a 25% interest in an LLC that operates a veterinary clinic. Doc's distributive share of profits from the LLC is $120,000, and she is not entitled to receive any guaranteed payments for her services. Doc's spouse earns an annual salary of $80,000 as an employee. (a) Assuming Doc and her spouse file a joint return, do they qualify to take a 199A deduction and, if so, determine the amount of the deduction. (b) How does your answer change if Doc's distributive share of profits is $500,000?