Kyra, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not

Question:

Kyra, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a “specified services” business. In 2021, the business pays $100,000 in W–2 wages, has $150,000 of qualified property, and generates $350,000 of qualified business income. Kyra has no other items of income, deduction, or loss and will take the standard deduction. What is Kyra’s qualified business income deduction?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

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

Question Posted: