During the 2022 tax year, Marco's sole proprietorship had qualified business income of $280,000, W-2 wages of $100,000, and unadjusted basis of qualified property of $400,000. The business is a specified service business. Marco files his 2022 tax return as a married filing jointly and has determined that his taxable income before the qualified business income deduction is $330,000. His modified taxable income is also $300,000. What is Molly's qualified business income deduction for 2022? O$50,000 O $60,000 O$35,000 O$56,000
During the 2022 tax year, Marco's sole proprietorship had qualified business income of $280,000, W-2 wages of $100,000, and unadjusted basis of qualified property of $400,000. The business is a specified service business. Marco files his 2022 tax return as a married filing jointly and has determined that his taxable income before the qualified business income deduction is $330,000. His modified taxable income is also $300,000. What is Molly's qualified business income deduction for 2022? O$50,000 O $60,000 O$35,000 O$56,000
Chapter15: Taxing Business Income
Section: Chapter Questions
Problem 34P
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ISBN:
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Author:
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Publisher:
CENGAGE LEARNING - CONSIGNMENT