Jason and Paula are married. They file a joint return for 2023 on which they report taxable income before the QBI deduction of $217,000. Jason operates a sole proprietorship, and Paula is a partner in the PQRS Partnership. Both are a qualified trade or business, and neither is a "specified services" business. Jason's sole proprietorship generates $163,600 of qualified business income and W-2 wages of $32,400 and has qualified property of $14,500. Paula's partnership reports a loss for the year, and her allocable share of the loss is $34,300. The partnership reports no W-2 wages, and Paula's share of the partnership's qualified property is $14,400. Assume the QBI amount is net of the self-employment tax deduction. What is their QBI deduction for the year? 35,600 X

Jason and Paula are married. They file a joint return for 2023 on which they report taxable income before the QBI deduction of $217,000. Jason operates a sole proprietorship, and Paula is a partner in the PQRS Partnership. Both are a qualified trade or business, and neither is a "specified services" business. Jason's sole proprietorship generates $163,600 of qualified business income and W-2 wages of $32,400 and has qualified property of $14,500. Paula's partnership reports a loss for the year, and her allocable share of the loss is $34,300. The partnership reports no W-2 wages, and Paula's share of the partnership's qualified property is $14,400. Assume the QBI amount is net of the self-employment tax deduction. What is their QBI deduction for the year? 35,600 X

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter15: Taxing Business Income

Section: Chapter Questions

Problem 18CE

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