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Sophie, who is single, is a 50% partner in a glass manufacturing company. She is in the top tax bracket. The partnership has generated $3
Sophie, who is single, is a 50% partner in a glass manufacturing company. She is in the top tax bracket. The partnership has generated $3 million of qualified business income. The partnership paid W-2 wages of $880,000 and owns depreciable tangible property with an unadjusted basis of $1.2 million. What is Sophie's qualified business income deduction (ignoring self-employment taxes) assuming she has $1,800,000 of taxable income, with no capital gains, before this deduction?
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