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year). The Client's taxable Income is $12,098.How much Qualified Business Income Deduction will your client receive for 2023(assuming that no other factors affect the amount?

year). The Client's taxable Income is $12,098.How much Qualified Business Income Deduction will your client receive for 2023(assuming that no other factors affect the amount?

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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Your Client took a loss of $18,000 on his 2022 Schedule C,resulting in a negative Qualified Business Income of $18,000 on the 2022 tax return. For 2023,your Client has a net profit of $25,679,and a Qualified Business Income of $18,952(not counting any carryover of negative QBI from last year to this year).The Client's taxable Income is $12,098.How much Qualified Business Income Deduction will your client receive for 2023(assuming that no other factors affect the amount?
Transcribed Image Text:Your Client took a loss of $18,000 on his 2022 Schedule C,resulting in a negative Qualified Business Income of $18,000 on the 2022 tax return. For 2023,your Client has a net profit of $25,679,and a Qualified Business Income of $18,952(not counting any carryover of negative QBI from last year to this year).The Client's taxable Income is $12,098.How much Qualified Business Income Deduction will your client receive for 2023(assuming that no other factors affect the amount?
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