Peter Samuels owns and manages his single member LLC that provides a wide variety of financial services

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Peter Samuels owns and manages his single member LLC that provides a wide variety of financial services to his clients. He is married and will file a joint tax return with his spouse, Amy. His LLC reports $300,000 of qualified business income, W–2 wages of $120,000, and assets with an unadjusted basis of $75,000.
Their taxable income before the QBI deduction is $285,000 (this is also their modified taxable income). Determine their QBI deduction for 2019.

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South Western Federal Taxation 2020 Corporations, Partnerships, Estates And Trusts

ISBN: 9780357109168

43rd Edition

Authors: William A. Raabe, James C. Young, William H. Hoffman, Annette Nellen, David M. Maloney

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Question Posted: Sep 18, 2019 01:26 PM

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Peter Samuels owns and manages his single member LLC that provides a wide variety of financial services

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Even though this is a specified services business Peter an...View the full answer

South Western Federal Taxation 2020 Corporations, Partnerships, Estates And Trusts

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