Janet, a single taxpayer, sells bakery goods as a sole proprietor. The qualified business income (QBI)...
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Janet, a single taxpayer, sells bakery goods as a sole proprietor. The qualified business income (QBI) from the business for the current year is $160,000 Janet's taxable income before the QBI deduction is $300,000. In her baking business she has W-2 employee wages of $60,000 and unadjusted basis of depreciable assets totaling $400,000. What is Janet's QBI deduction for the current year? $30,000 $25,000 $32,000 $60,000 Janet, a single taxpayer, sells bakery goods as a sole proprietor. The qualified business income (QBI) from the business for the current year is $160,000 Janet's taxable income before the QBI deduction is $300,000. In her baking business she has W-2 employee wages of $60,000 and unadjusted basis of depreciable assets totaling $400,000. What is Janet's QBI deduction for the current year? $30,000 $25,000 $32,000 $60,000
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Answer Particulars Amount Amount Amount 1 First limit Qualified bu... View the full answer
Related Book For
Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts
ISBN: 9780135919460
34th Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse
Posted Date:
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