Question
Jay, a single taxpayer, operated a hardware store as a sole proprietorship during 2018. He has the following information: Net Sales from the hardware store
Jay, a single taxpayer, operated a hardware store as a sole proprietorship during 2018. He has the following information:
| Net Sales from the hardware store | $300,000 |
| Operating Expenses of the hardware store | 200,000 |
| Dividend Income | 5,000 |
| Taxable income before the Qualified Business Income (QBI) deduction | 90,000 |
What is Jay's Qualified Business Income (QBI) deduction?
a.$18,000
b.$60,000
c.$21,000
d.$20,000
e.$-0-
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Accounting And Auditing Research Tools And Strategies
Authors: Thomas R. Weirich, Thomas C. Pearson, Natalie Tatiana Churyk
7th Edition
9780470506974
