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Tammy, a single taxpayer, has a part-time job at BigCo, a company in which she has no ownership interest. In

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Tammy, a single taxpayer, has a part-time job at BigCo, a company in which she has no ownership interest. In addition, she owns and operates LittleCo, a sole proprietorship that is a qualified trade or business. Tammy is paid wages of $40,000 by BigCo and has $100,000 in qualified business income from LittleCo. She has no other items of income or loss and $25,000 of itemized deductions. What is her qualified business income deduction for 2022?

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Tammys taxable income before the QBI deduction is 115 00…View the full answer


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South Western Federal Taxation 2023 Comprehensive Volume

South Western Federal Taxation 2023 Comprehensive Volume

ISBN: 9780357719688

46th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

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Question Details
Chapter # 15- The Deduction for Qualified Business Income for Noncorporate Taxpayers
Section: Discussion Questions
Problem: 31
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Question Posted: September 24, 2023 04:12:41
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