Assume Stuart chooses to form SMG as an S corporation SMGs taxable income is $650,000 and all of the income is business income His marginal ordinary tax rate is 37 Stuart is eligible for the full deduction for qualified business income on the flow through income from SMG The income is not passive i...

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Assume Stuart chooses to form SMG as an S-corporation. SMGs taxable income is $650,000 and all of

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Assume Stuart chooses to form SMG as an S-corporation.

SMG’s taxable income is $650,000 and all of the income is business income.
His marginal ordinary tax rate is 37%.
Stuart is eligible for the full deduction for qualified business income on the flow-through income from SMG.
The income is not passive income

What is the overall tax and tax rate on SMG’s business income?