Sheldon and Amy own a plumbing business as a sole proprietorship. The file a joint return and are cash basis, calendar-year taxpayers. For the year, they had the following information: Ordinary income from sole proprietorship $300,000 Taxable income $405,000 Modified taxable income $375,000 W-2 wages paid to employees $70,000 Qualified property basis $50,000 SE tax deduction $23,968 SE insurance deduction $20,000 What is their QBI deduction? $13,548 $35,000 $37,658 $51,206

Sheldon and Amy own a plumbing business as a sole proprietorship. The file a joint return and are cash basis, calendar-year taxpayers. For the year, they had the following information: Ordinary income from sole proprietorship $300,000 Taxable income $405,000 Modified taxable income $375,000 W-2 wages paid to employees $70,000 Qualified property basis $50,000 SE tax deduction $23,968 SE insurance deduction $20,000 What is their QBI deduction? $13,548 $35,000 $37,658 $51,206

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter2: The Deduction For qualified Business Income For Pass-through Entities

Section: Chapter Questions

Problem 22P

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