25. LO.4 Bill and Mary filed a joint Federal income tax return this year. Mary owns a 30% interest in MAJIC Partnership, a women’s dress boutique. Mary’s share of the partnership’s net income is $280,000. Her shares of the partnership’s W–2 wages and unadjusted basis of depreciable property are $100,000 and $300,000, respectively.

a. What is Bill and Mary’s maximum QBI deduction if their total taxable income is $300,000?

b. What is the maximum QBI deduction if Bill and Mary’s total taxable income is

$450,000?

c. What is the maximum QBI deduction if MAJIC’s income was from qualified services and Bill and Mary’s total taxable income was $450,000?