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David and Severna, married filing joint taxpayers, reported modified taxable income of $324,000, which includes $20,000 in capital gains, $8,000 in interest income and $24,000
David and Severna, married filing joint taxpayers, reported modified taxable income of $324,000, which includes $20,000 in capital gains, $8,000 in interest income and $24,000 in qualified dividend income. After considering the wage/asset limitation and the specified services limitation, business 1 reported QBI of $135,000 with a QBI deduction of $27,000 and business 2 reported QBI of $160,000 with a QBI deduction of $32,000. Calculate the QBI deduction considering the overall limitation.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
