XYZ Partnership conducts a qualified trade or business for purposes of $199A. XYZ is a tax shelter
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XYZ Partnership conducts a qualified trade or business for purposes of $199A. XYZ is a tax shelter for purposes of $448. During 2018 it had gross business income of $3,000 and business deductions of $900. It owns no qualified property but paid W-2 wages of $330. Individual X is a one third partner. X's taxable income is $50,000. X has no other trade or business activities and does not own any interests in REITs or PTPs. What is X's qualified business deduction under $199A for 2018?
Related Book For
South-Western Federal Taxation 2022 Essentials Of Taxation Individuals And Business Entities
ISBN: 9780357519431
25th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young, David M. Maloney
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