Question
Henry (a single taxpayer) is the owner of the Lazybones, LLC. In 2023, the LLC (a sole proprietorship) reports QBI of $1,800,000 and is not
Henry (a single taxpayer) is the owner of the Lazybones, LLC. In 2023, the LLC (a sole proprietorship) reports QBI of $1,800,000 and is not a specified services business. ABC paid total W-2 wages of $600,000 and the total unadjusted basis of property held by ABC is $60,000. Henry's taxable income before the QBI deduction is $1,480,000 (this is alos his modified taxable income). What is Henry's QBI deduction for 2023?
| a. | $296,000
| |
| b. | $360,000
| |
| c. | $151,500
| |
| d. | $0
| |
| e. | $300,000
|
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
10th Canadian Edition Volume 2
1118300858, 978-1118300855
