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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 24,800

- Compute the two limitation amounts.

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