Ashley (a single taxpayer) is the sole owner of ABC LLC. The LLC (treated as a sole proprietorship for Federal income tax purposes) reports QBI of $900,000 and is not a "specified services" business. ABC paid total W-2 wages of $300,000, and the total unadjusted basis of property held by ABC is $30,000. Ashley's taxable income before the QBI deduction is $740,000 (this is also her modified taxable income). What is Ashley's QBI deduction for 2019?
Ashley (a single taxpayer) is the sole owner of ABC LLC. The LLC (treated as a sole proprietorship for Federal income tax purposes) reports QBI of $900,000 and is not a "specified services" business. ABC paid total W-2 wages of $300,000, and the total unadjusted basis of property held by ABC is $30,000. Ashley's taxable income before the QBI deduction is $740,000 (this is also her modified taxable income). What is Ashley's QBI deduction for 2019?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Question 1
Ashley (a single taxpayer) is the sole owner of ABC LLC. The LLC (treated as a sole
proprietorship for Federal income tax purposes) reports QBI of $900,000 and is not a "specified
services" business. ABC paid total W-2 wages of $300,000, and the total unadjusted basis of
property held by ABC is $30,000. Ashley's taxable income before the QBI deduction is
$740,000 (this is also her modified taxable income).
What is Ashley's QBI deduction for 2019?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3befaaea-bd9f-4c03-a147-b6da27e41433%2F5067d6d9-6b9d-49bd-88a8-ad436b0c9ead%2Fyatbr3d_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 1
Ashley (a single taxpayer) is the sole owner of ABC LLC. The LLC (treated as a sole
proprietorship for Federal income tax purposes) reports QBI of $900,000 and is not a "specified
services" business. ABC paid total W-2 wages of $300,000, and the total unadjusted basis of
property held by ABC is $30,000. Ashley's taxable income before the QBI deduction is
$740,000 (this is also her modified taxable income).
What is Ashley's QBI deduction for 2019?
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