Which of the following is the overall limitation to the qualifying business income (QBI) deduction?
a. Lesser of: 50 percent of combined QBI or 20 percent of the taxpayer’s taxable income in excess of net capital gain
b. Lesser of: combined QBI or 20 percent of the taxpayer’s taxable income in excess of net capital gain
c. Lesser of: 50 percent of W–2 wages or 25 percent of W–2 wages plus 2.5 percent of the unadjusted basis of qualified property
d. Taxable income limitations based on filing status