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Tommy, a married taxpayer, operates a retail business as a sole proprietor. The business has three employees who are paid a total of $120,000. Assume
Tommy, a married taxpayer, operates a retail business as a sole proprietor. The business has three employees who are paid a total of $120,000. Assume that the business has no significant assets. The business generates $370,000 of income, and his taxable income before the QBI deduction is $475,000. What is Tommy's deduction for QBI?
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