Ben and Molly are married and will file jointly. Ben generates $300,000 of qualified business income from

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Ben and Molly are married and will file jointly. Ben generates $300,000 of qualified business income from her single member LLC (a law firm). She reports her business as a sole proprietorship. Wages paid by the law firm amount to $40,000; the law firm has no significant property. Molly is employed as a tax manager by a local CPA firm. Their modified taxable income is $389,800 (this is also their taxable income before the deduction for qualified business income). Determine their QBI deduction for 2021.

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South-Western Federal Taxation 2022 Corporations, Partnerships, Estates And Trusts

ISBN: 9780357519240

45th Edition

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

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