Peter owns and manages his single member LLC that provides a wide variety of financial services to his clients. He is married and will file a joint tax return with his spouse, Marta. His LLC reports $300,000 of qualified business income, W-2 wages of $120,000, and assets with an unadjusted basis of $75,000. Their taxable income before the QBI deduction is $285,000 (this is also their modified taxable income). Determine their QBI deduction for 2023. (LO.3,, 4)
Peter owns and manages his single member LLC that provides a wide variety of financial services to his clients. He is married and will file a joint tax return with his spouse, Marta. His LLC reports $300,000 of qualified business income, W-2 wages of $120,000, and assets with an unadjusted basis of $75,000. Their taxable income before the QBI deduction is $285,000 (this is also their modified taxable income). Determine their QBI deduction for 2023. (LO.3,, 4)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Peter owns and manages his single member LLC that provides a wide variety of
financial services to his clients. He is married and will file a joint tax return with his
spouse, Marta. His LLC reports $300,000 of qualified business income, W-2 wages of
$120,000, and assets with an unadjusted basis of $75,000. Their taxable income
before the QBI deduction is $285,000 (this is also their modified taxable income).
Determine their QBI deduction for 2023. (LO.3,, 4)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc9fb5bc3-9e95-45f7-97ea-d7c020b9b3e8%2Ffef37f33-0102-4b19-afa2-cafc17be6cf4%2F398og0f_processed.png&w=3840&q=75)
Transcribed Image Text:Peter owns and manages his single member LLC that provides a wide variety of
financial services to his clients. He is married and will file a joint tax return with his
spouse, Marta. His LLC reports $300,000 of qualified business income, W-2 wages of
$120,000, and assets with an unadjusted basis of $75,000. Their taxable income
before the QBI deduction is $285,000 (this is also their modified taxable income).
Determine their QBI deduction for 2023. (LO.3,, 4)
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