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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:24,000
a. Compute the two limitation amounts.
b. How much can be deducted as the Qualified Business Deduction?
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