Taylor, a single taxpayer, has taxable income before the QBI deduction of $194,900 in 2021. Taylor, a CPA, operates an accounting practice as a single-member LLC (which he reports as a sole proprietorship). During 2021, his proprietorship reports net income of $150,000, W-2 wages of $125,000, and $10,000 of qualified property. What is Taylor's qualified business income deduction? a.$31,500. b.$30,000. c.$12,000. d.$-0-.
Taylor, a single taxpayer, has taxable income before the QBI deduction of $194,900 in 2021. Taylor, a CPA, operates an accounting practice as a single-member LLC (which he reports as a sole proprietorship). During 2021, his proprietorship reports net income of $150,000, W-2 wages of $125,000, and $10,000 of qualified property. What is Taylor's qualified business income deduction? a.$31,500. b.$30,000. c.$12,000. d.$-0-.
Chapter15: Taxing Business Income
Section: Chapter Questions
Problem 34P
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Taylor, a single taxpayer, has taxable income before the QBI deduction of $194,900 in 2021. Taylor, a CPA, operates an accounting practice as a single-member LLC (which he reports as a sole proprietorship). During 2021, his proprietorship reports net income of $150,000, W-2 wages of $125,000, and $10,000 of qualified property. What is Taylor's qualified business income deduction?a.$31,500.b.$30,000.c.$12,000.d.$-0-.
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT