le. Alan also has long-term capital gains of 25,000. Assume that Alan and Melissa have no other income and no itemiz
le. Alan also has long-term capital gains of 25,000. Assume that Alan and Melissa have no other income and no itemiz
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Alan and Melissa are equal partners in a non-corporate business. The business has a gross income of $320,000 and has operating expenses of $210,000. They are both single. Alan also has long-term capital gains of 25,000. Assume that Alan and Melissa have no other income and no itemized deductions. What is the amount of the qualified business deduction for both of them?
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