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Please Correct and show work Problem 14-25 (LO. 2) Bill and Mary filed a joint Federal income tax return this year. Mary owns a 30%
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Problem 14-25 (LO. 2) Bill and Mary filed a joint Federal income tax return this year. Mary owns a 30% interest in MAJIC Partnership, a women's dress boutique. Mary's share of the partnership's net income is $280,000. Her shares of the partnership's W-2 wages and unadjusted basis of depreciable property are $100,000 and $300,000, respectively. If an amount is zero, enter "O". a. What is Bill and Mary's maximum QBI deduction if their total taxable income is $300,000? $ 40,000 x b. What is the maximum QBI deduction if Bill and Mary's total taxable income is $450,000? ox c. What is the maximum QBI deduction if MAJIC's income was from qualified services and Bill and Mary's total taxable income was $450,000? 0Step by Step Solution
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