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Assume the original facts and that the business income allocated to Omar is not from a specified service. What is Omar's deduction for qualified business
Assume the original facts and that the business income allocated to Omar is not from a specified service. What is Omar's deduction for qualified business income? Assume that 81.82 percent of the self-employment tax is from self-employment income included in QBI [i.e., $225,000 business income allocation/$275,000 (business income allocation plus guaranteed payment)]. That is, the $50,000 guaranteed payment is not qualified business income. Ignore the wage-based limitation.
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