Stella Watters is a CPA and operates her own accounting firm (Watters CPA LLC). As a single
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Stella Watters is a CPA and operates her own accounting firm (Watters CPA LLC). As a single member LLC, Stella reports her accounting firm operations as a sole proprietor. Stella has QBI from her accounting firm of $540,000, she reports W–2 wages of $156,000, and the unadjusted basis of property used in the LLC is $425,000. Stella is married and will file a joint tax return with her spouse. Their taxable income before the QBI deduction is $475,000, and their modified taxable income is $448,000. Determine Stella’s QBI deduction for 2019.
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Stella is not entitled to a QBI deduction ...View the full answer
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Related Book For
South Western Federal Taxation 2020 Corporations, Partnerships, Estates And Trusts
ISBN: 9780357109168
43rd Edition
Authors: William A. Raabe, James C. Young, William H. Hoffman, Annette Nellen, David M. Maloney
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