Question
Scott and Laura are married and will file a joint tax return. Scott has a sole proprietorship (not a specified services business) that generates qualified
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Scott and Laura are married and will file a joint tax return. Scott has a sole proprietorship (not a "specified services" business) that generates qualified business income of $300,000. The proprietorship pays W2 wages of $40,000 and holds qualified property with an unadjusted basis of $10,000. Laura is employed by a local school district. Their taxable income before the QBI deduction is $381,400 (this is also their modified taxable income).
Determine their allowable QBI deduction. $_________.
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Cima Official Exam Practice Kit Financial Accounting And Tax Principles 2008 Edition
Authors: Mike Rogers, John Dunn
4th Edition
0750686901, 978-0750686907
