ABC Company formed in 2020. ABC company files their tax return using the accrual basis of accounting. ABCs profit and loss showed the following:

Revenue - $1,000,000

Expenses:

Salaries - $700,000

Office Expense - $50,000

Supplies - $20,000

Postage - $10,000

Meals - $7,000

Entertainment - $1,000

Repairs - $2,000

Rent - $50,000

Political Contributions - $2,500

Calculate ABC companys taxable income using the accounts above. Assuming ABC company operates a sole proprietorship, calculate the Qualified Business Income Deduction for 2020.