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 W2 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 ($24,800). Assume the QBI amount is net of the self-employment tax deduction. What is Elliot's qualified business income deduction?