Kelly and Mark can take this year? Qualified Business Income Deduction Multiple Partnerships. Jack, a single...

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Kelly and Mark can take this year? Qualified Business Income Deduction Multiple Partnerships. Jack, a single indi- vidual, owns a 40% interest in three operating partnerships. For the current year, the three partnerships reported the following: b. Income. W-2 wages. Qualified property. P1 P2 $ 450,000 $350,000 675,000 120,000 800,000 1,200,000 P3 $550,000 125,000 600,000 Jack's total taxable income for the year is $500,000. Compute his QBI deduc- tion for the year. Assume the same facts as in (a), except P3 reported a loss of $550,000. Compute Jack's QBI deduction for the year in this instance. Kelly and Mark can take this year? Qualified Business Income Deduction Multiple Partnerships. Jack, a single indi- vidual, owns a 40% interest in three operating partnerships. For the current year, the three partnerships reported the following: b. Income. W-2 wages. Qualified property. P1 P2 $ 450,000 $350,000 675,000 120,000 800,000 1,200,000 P3 $550,000 125,000 600,000 Jack's total taxable income for the year is $500,000. Compute his QBI deduc- tion for the year. Assume the same facts as in (a), except P3 reported a loss of $550,000. Compute Jack's QBI deduction for the year in this instance.

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