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Can someone help with #37? please show ALL calculations! Please and Thank you! 2-31 Und Income of $273,800. 37. L0.3, 4 Elliot operates his clothing
Can someone help with #37? please show ALL calculations! Please and Thank you!
2-31 Und Income of $273,800. 37. L0.3, 4 Elliot operates his clothing store as a single member LLC (which he reports as a sole proprietorship). In 2020, his proprietorship generates qualified business income of $280,000, he pays W-2 wages of $170,000, and he has qualified business property of $140,000. Elliot's wife, Julie, is an attorney who works for a local law firm and receives wages of $90,000. They will file a joint tax return and use the standard deduction. What is Elliot's qualified business income deduction? entity 5 1994 the folStep by Step Solution
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