Robert is the sole shareholder and CEO of ABC, Inc., an S corporation that is a qualified trade or business. During the current year, ABC has net income of $288,500 after deducting Robert's $86,550 salary. In addition to his compensation, ABC pays Robert dividends of $201,950. a. What is Robert's qualified business income? $fill in the blank 484d83032ffffc5_1 290,000 Feedback With the reduction in the corporate income tax rate to 21 percent in 2018, Congress needed to provide a means of reducing the taxes on businesses that operate in different business forms (e.g., sole proprietors, partnerships, and S corporations). Congress accomplished this with the creation of the deduction for qualified business income ( 199A), which applies to noncorporate taxpayers. To determine the "qualified business income deduction," one has to understand the definition of a "qualified trade or business" and "qualified business income." b. What is Robert's qualified business income if you determined that reasonable compensation for someone with Robert's experience and responsibilities is $176,550? $fill in the blank 6b896af2ffe9035_1 290,000