Tercot Partnership reported $1,000,000 of business receipts, $700,000 of business deductions, and $100,000 of interest income. Terry is a 50% partner in Tercot Partnership. On Terry's return, she will be entitled to a deduction for qualified business income of
A) $60,000.
B) $80,000.
C) $40,000.
D) $30,000.
D) $30,000.
Tercot's business income is $300,000 ($1,000,000 business receipts - $700,000 business deductions; interest income is not included). Terry's share of the business income is $150,000. The qualified business income deduction is 20% of the $150,000.
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