Susan, a single taxpayer, owns and operates a bakery as a sole proprietorship. The business is not
Question:
Susan, a single taxpayer, owns and operates a bakery as a sole proprietorship. The business is not a specified services business. In 2019, the business pays $100,000 in W–2 wages, holds $150,000 of qualified property, and reports $350,000 of qualified business income (all of which is qualified business income). Susan has no other items of income or loss and will take the standard deduction. What is Susan’s qualified business income deduction?
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Susans taxable income before the QBI deduction is 337800 her proprietorship ...View the full answer
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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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