Prakash Samuels owns and manages his single member LLC that provides a wide variety of financial services
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Prakash 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 wife, Amy. The LLC reports $300,000 of qualified business income, W–2 wages of $120,000, and assets with an unadjusted basis of $75,000. The couple’s taxable income before the QBI deduction is $285,000 (this also equals their modified taxable income). Determine the 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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