Elliot and Conrad (a two-member LLC) operated a consulting firm (a "specified services" business). The business is equally owned and the two are not related. The business generates net income of $280,000, pays W–2 wages of $170,000, and has qualified business property of $140,000.

Elliot's wife, Julie, is an attorney who works for a local law firm and receives wages of $90,000. They will file a joint tax return and use the standard deduction of $24,000. Conrad's wife, Jessica, earned wages during the year of $350,000, and Conrad and Jessica have itemized deductions of $62,000 and will file a joint return.

What is Elliot's qualified business income deduction?

Answer rating: 100% (QA)

Elliots qualified business income deduction 56000 28000020 The qualified business inco... View the full answer