Taylor, a single taxpayer, has taxable income before the QBI deduction of $190,700. A CPA, he operates an accounting practice as a single-member LLC (which he reports as a sole proprietorship). During 2019, 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. $-0-.
B. $12,000.
C. $30,000.
D. $31,500.
E. None of these.
Answer: C
You might also like to view...
It is advisable to build strategic partnerships with large accounts exclusively because of greater economies of scale.
Answer the following statement true (T) or false (F)
Consider the following production function Y = A×Ka×L1?a. ? If a = 0.4, and over the past year output grew 4 percent, total factor productivity (TFP) grew 2.6 percent, and labor grew 1 percent, what was the growth rate of capital?
A. 4 percent B. 3 percent C. 2 percent D. 1 percent
All organizations use same performance measures in their day-to-day business operations
Indicate whether the statement is true or false
In a potential transfer price situation, if the supplying division is operating at capacity in making sales to outside customers, it should be required to accept a transfer price that would lower its overall profitability, because doing so will increase total firm profitability.
Answer the following statement true (T) or false (F)