Question
After graduating from college, Michael and his spouse move to San Francisco to start their street sanitation business. The business qualifies for the new Qualified
After graduating from college, Michael and his spouse move to San Francisco to start their street sanitation business. The business qualifies for the new Qualified Business Deduction (QBI). The following is used to compute his deduction:
Net Income | $290,000 |
AGI | 305,000 |
Itemized deductions | 22,000 |
Standard Deduction | 24,800 |
a. | Compute the two limitation amounts. 1 = 2 = |
b. | How much can be deducted as the Qualified Business Deduction? |
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a You have to calculate your limitation if your taxable income is higher than 175500 as a single tax...
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The Legal Environment Today Summarized Case Edition
Authors: Roger LeRoy Miller
8th Edition
130526276X, 978-1305279407, 1305279409, 978-1305704930, 1305704932, 978-1305262768
