Qualified Business Income Deduction. Cathy is a 50% partner in the CD partnership, which owns a small
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Qualified Business Income Deduction. Cathy is a 50% partner in the CD partnership, which owns a small manufacturing business. In the current year, the business had qualified business income of $2.8 million. CD partnership paid W-2 wages of $900,000 and owns depreciable tangible property with an unadjusted basis of $1,600,000. What is Carrie's qualified business deduction (ignoring the 1 deduction for self-employment taxes)?
PartnershipA legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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IDeduction for the general limit 2800000 x 50 ownership x 20 280000 IIDedu...View the full answer
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Related Book For 
Federal Taxation 2020 Comprehensive
ISBN: 9780135196274
33rd Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse
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