Bill, Mary, and Joe are 1/3 partners in an unincorporated business. They are each married and each files their tax return as married filing jointly. The business generates 1,200,000 of business income. Overall, the business has 250,000 of W-2 wages and has $450,000 of capital. Bill's modified taxable income is $300,000, Mary's is $372,100, and Joe's is $1,000,000. What are each of their qualified business deduction for the year?
Bill, Mary, and Joe are 1/3 partners in an unincorporated business. They are each married and each files their tax return as married filing jointly. The business generates 1,200,000 of business income. Overall, the business has 250,000 of W-2 wages and has $450,000 of capital. Bill's modified taxable income is $300,000, Mary's is $372,100, and Joe's is $1,000,000. What are each of their qualified business deduction for the year?
Chapter15: Taxing Business Income
Section: Chapter Questions
Problem 14CE
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT