Chris and Karla are married and will file jointly. Chris earns $300,000 from his CPA firm. He reports his business as a sole proprietorship. Wages paid by the firm amount to $60,000 and the firm has no significant property. Karla is a teacher at the local high school. Their modified taxable income is $399,800 60 (this is also their taxable income before the deduction for qualified business income). What is their QBI deduction?
Chris and Karla are married and will file jointly. Chris earns $300,000 from his CPA firm. He reports his business as a sole proprietorship. Wages paid by the firm amount to $60,000 and the firm has no significant property. Karla is a teacher at the local high school. Their modified taxable income is $399,800 60 (this is also their taxable income before the deduction for qualified business income). What is their QBI deduction?
Chapter15: Taxing Business Income
Section: Chapter Questions
Problem 28P
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Chris and Karla are married and will file jointly. Chris earns $300,000 from his CPA firm. He reports his business as a sole proprietorship. Wages paid by the firm amount to $60,000 and the firm has no significant property. Karla is a teacher at the local high school. Their modified taxable income is $399,800 60 (this is also their taxable income before the deduction for qualified business income). What is their QBI deduction?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT