Question
Chris and Karla are married and will file jointly. Chris earns $300,000 from his CPA firm. He reports his business as a sole proprietorship. Wages
Chris and Karla are married and will file jointly. Chris earns $300,000 from his CPA firm. He reports his business as a sole proprietorship. Wages paid by the firm amount to $60,000 and the firm has no significant property. Karla is a teacher at the local high school. Their modified taxable income is $399,800 60 (this is also their taxable income before the deduction for qualified business income). What is their QBI deduction?
Answer:
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
