Ashley (a single taxpayer) is the sole owner of ABC LLC. The LLC (treated as a sole
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Ashley (a single taxpayer) is the sole owner of ABC LLC. The LLC (treated as a sole proprietorship for Federal income tax purposes) reports QBI of $900,000 and is not a “specified services” business. ABC paid total W–2 wages of $300,000, and the total unadjusted basis of property held by ABC is $30,000. Ashley’s taxable income before the QBI deduction is $740,000 (this is also her modified taxable income). What is Ashley’s QBI deduction for 2019?
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Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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