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5. (4 POINTS) Explain in detail what you know regarding the Qualified Business Income deduction in relation to the following: Where it falls in the

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5. (4 POINTS) Explain in detail what you know regarding the Qualified Business Income deduction in relation to the following: Where it falls in the 1040 tax formula; When it is deductible on the 1040 tax return; Who can claim the deduction; How the general deduction is calculated for individuals under the taxable income limit for phase-out by filing status

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