Which of the following statements is true regarding the taxable income limitation on the qualified business income (QBI) deduction (assuming all of the taxpayers taxable income is ordinary income)? Multiple Choice None of the above statements is true. The limit is 20% of taxable income taxed at ordinary rates before deducting the QBI deduction. The limit is 20% of taxable income after deducting the QBI deduction. The limit is determined at the business entity level