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George and Nancy are married and will file a joint tax return. Nancy has a sole proprietorship ( not a specified services business ) that
George and Nancy are married and will file a joint tax return. Nancy has a sole proprietorship
not a specified services business that generates qualified business income of $ The
proprietorship pays W wages of $ and holds property with an unadjusted basis of
$ George is employed by a local school district. Their taxable income before the QBI
deduction is $this is also their modified taxable income Assume the QBI amount is net of the selfemployment tax deduction.
For
a George and Nancys QBI deduction is point
b George and Nancys taxable income is point
c George and Nancys tax liability is point
After providing you the original information in the problem, George finds out that he will be receiving a $ bonus in December increasing their taxable income before the QBI deduction by this amount Redetermine George and Nancy's QBI deduction, taxable income, and tax liability for
For
d George and Nancy's QBI deduction is point
e George and Nancy's taxable income is point
f George and Nancys tax liability is point
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