Tammy, a single taxpayer, has a part-time job at BigCo, a company in which she has no
Question:
Tammy, a single taxpayer, has a part-time job at BigCo, a company in which she has no ownership interest. In addition, she owns and operates LitdeCo, a sole proprietorship that is a qualified trade or business. Tammy is paid wages of $40,000 by BigCo, and reports $100,000 in qualified business income from LitdeCo. She has no other items of income or loss and $25,000 of itemized deductions. What is her qualified business income deduction?
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Tammys taxable income before the QBI deduction is 11500...View the full answer
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Related Book For 
South-Western Federal Taxation 2019 Comprehensive
ISBN: 9781337703017
42th Edition
Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young
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