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Assume the same facts as in the problem directly above, except that the business is a specified services business (e.g., a consulting firm) owned equally
Assume the same facts as in the problem directly above, except that the business is a specified services business (e.g., a consulting firm) owned equally by Elliot and Conrad (an unrelated individual) in a two-member LLC. Assume that each members share of net income, W2 wages, and qualified business property is one-half of the information provided in the above problem. Conrads wife, Jessica, earned wages during the year of $350,000, and Conrad and Jessica have itemized deductions of $62,000.What is Elliots qualified business income deduction?
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