Shelly reports $200,000 of QBI from her local jewelry store (a sole proprietorship). Shellys proprietorship paid $30,000
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Shelly reports $200,000 of QBI from her local jewelry store (a sole proprietorship). Shelly’s proprietorship paid $30,000 in W–2 wages and owns $20,000 of qualified property. Shelly’s spouse earned $74,400 of wages as an employee, they earned $20,000 of interest income during the year, and they will be filing jointly using the standard deduction. What is their QBI deduction for 2019?
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Shelly and her spouse have taxable income before the QBI deduction of 270000 this is also th...View the full answer
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Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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