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Sarah owns 80% of ABC, LLC. The LLC reports as a partnership. The LLC has a QBI of $500,000 and is NOT a specified services
Sarah owns 80% of ABC, LLC. The LLC reports as a partnership. The LLC has a QBI of $500,000 and is NOT a "specified services" business. ABC paid total W-2 wages of $150,000, and the total unadjusted basis of the property held by ABC is $350,000. Sarah's taxable income before the QBI deduction is $900,000. What is Sarah's QBI deduction for 2023? Please show your work step by step with an explanation.
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