After graduating from college, Michael and his spouse move to San Francisco to start their street sanitation

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After graduating from college, Michael and his spouse move to San Francisco to start their street sanitation business. The business qualifies for the new Qualified Business Deduction (QBI). The following is used to compute his deduction:

Net Income	$290,000
AGI	305,000
Itemized deductions	22,000
Standard Deduction	24,800

Compute the two limitation amounts.

1 =

2 =

How much can be deducted as the Qualified Business Deduction?

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The Legal Environment Today Summarized Case Edition

ISBN: 978-1305262768

8th Edition

Authors: Roger LeRoy Miller

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Posted Date: Oct 13, 2020 09:32 PM

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After graduating from college, Michael and his spouse move to San Francisco to start their street sanitation

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a You have to calculate your limitation if your taxable income is higher than 175500 as a single tax... View the full answer

The Legal Environment Today Summarized Case Edition

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