Rich is single and has taxable income of $510,000. As a 30% partner in a partnership that
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Rich is single and has taxable income of $510,000. As a 30% partner in a partnership that produces $850,000 ordinary income from manufacturing a product, his share of partnership income is $255,000. The partnership paid $250,000 of W-2 wages and the total un-adjusted basis of tangible depreciable business property is $400,000. What is Rich’s qualified business income deduction?
PartnershipA legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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37500 His 30 share of W2 wages is 75000 250000 x 30 and his 30 share of property ...View the full answer
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Related Book For 
Taxation For Decision Makers 2019
ISBN: 9781119497288
9th Edition
Authors: Shirley Dennis Escoffier, Karen A. Fortin
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