Question
The Qualified Business Income (QBI) deduction is new for 2018 and it will be applied through the 2025 tax year. It allows taxpayers to claim
The Qualified Business Income (QBI) deduction is new for 2018 and it will be applied through the 2025 tax year. It allows taxpayers to claim up to a 20 percent deduction. Taking this law into account, all of the following statements are true, except for:
a) Sole Proprietors, shareholders in an S-Corporation, and partners in a Partnership may qualify.
b) The deduction has many rules relating to what is domestic income, what is qualified income, and the types of businesses allowed to qualify.
c) The deduction cannot be taken in addition to the Standard Deduction or Itemized Deductions.
d) Individuals receiving a W-2 do not qualify for the QBI.
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Petroleum Accounting: Principles, Procedures; And Issues
Authors: Dennis Jennings, John Brady, Rich Shappard, Craig Friou
8th Edition
0940966328, 978-0940966321
