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33 Tammy has $200,000 of QBI from her candy store (a sole proprietorship). Tammy's proprietorship paid $30,000 in W-2 wages and has $20,000 of qualified property. Tammy is married and she and her spouse file a joint return and their Modified Taxable Income is $250,000 (this is also their taxable income before the QBI deduction). What is their QBI deduction for 2023? a) $0 b) $50,000 c) $40,000 d) $54,000

33 Tammy has $200,000 of QBI from her candy store (a sole proprietorship). Tammy's proprietorship paid $30,000 in W-2 wages and has $20,000 of qualified property. Tammy is married and she and her spouse file a joint return and their Modified Taxable Income is $250,000 (this is also their taxable income before the QBI deduction). What is their QBI deduction for 2023? a) $0 b) $50,000 c) $40,000 d) $54,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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33 Tammy has $200,000 of QBI from her candy store (a sole proprietorship). Tammy's proprietorship paid $30,000 in W-2 wages and has $20,000 of qualified property. Tammy is married and she and her spouse file a joint return and their Modified Taxable Income is $250,000 (this is also their taxable income before the QBI deduction). What is their QBI deduction for 2023? a) $0 b) $50,000 c) $40,000 d) $54,000
Transcribed Image Text:33 Tammy has $200,000 of QBI from her candy store (a sole proprietorship). Tammy's proprietorship paid $30,000 in W-2 wages and has $20,000 of qualified property. Tammy is married and she and her spouse file a joint return and their Modified Taxable Income is $250,000 (this is also their taxable income before the QBI deduction). What is their QBI deduction for 2023? a) $0 b) $50,000 c) $40,000 d) $54,000
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