7. Which of the following is the overall limitation to the qualified business income

(QBI) deduction?

a. Lesser of: 50% of combined QBI or 20% of the taxpayer’s taxable income in excess of net capital gain

b. Lesser of: combined QBI or 20% of the taxpayer’s taxable income in excess of net capital gain

c. Lesser of: 50% of W–2 wages or 25% of W–2 wages plus 2.5% of the unadjusted basis of qualified property

d. Taxable income limitations based on filing status