Assume that Joseph is a single taxpayer who does not itemize deductions and operates a sole proprietorship. During 2020, his business generates $140,000 of business income, $40,000 of deductible business expenses (no adjustment for self-employment tax deduction is necessary in this question), and $2,400 of interest income from his business deposits. He has no other sources of income. josephS AGI is $102,400, What is joseph's qualified business income deduction?
Assume that Joseph is a single taxpayer who does not itemize deductions and operates a sole proprietorship. During 2020, his business generates $140,000 of business income, $40,000 of deductible business expenses (no adjustment for self-employment tax deduction is necessary in this question), and $2,400 of interest income from his business deposits. He has no other sources of income. josephS AGI is $102,400, What is joseph's qualified business income deduction?
Chapter15: Taxing Business Income
Section: Chapter Questions
Problem 34P
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![Assume that Joseph is a single taxpayer who does not itemize deductions and operates a sole proprietorship. During 2020, his
business generates $140,000 of business income, $40,000 of deductible business expenses (no adjustment for self-employment tax
deduction is necessary in this question), and $2,400 of interest income from his business deposits. He has no other sources of
income. joseph's AGI Is $102,400,
What is joseph's qualified business income deduction?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff0c83ed3-4966-4366-9130-5927efcbdf6a%2Fe3f84783-7215-48fb-b53c-188734b36a1b%2Fv3puy7b_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Assume that Joseph is a single taxpayer who does not itemize deductions and operates a sole proprietorship. During 2020, his
business generates $140,000 of business income, $40,000 of deductible business expenses (no adjustment for self-employment tax
deduction is necessary in this question), and $2,400 of interest income from his business deposits. He has no other sources of
income. joseph's AGI Is $102,400,
What is joseph's qualified business income deduction?
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