Problem 2. Scott Taxpayer is an Attorney who operates his own law firm. As a single-member LLC, Scott reports his firm operations as a sole proprietor. Scott has QBI from his law firm of $450,000, he reports paying W–2 wages of $140,000, and the unadjusted basis of property used in the LLC is $350,000. Scott is married and will file a joint tax return with his spouse. Their taxable income before the QBI deduction is $425,000, including $20,000 of capital gains. Determine the taxpayer’s QBI deduction for 2020.
Please ask your query if any in comment.
PLEASE RATE THUMBS UP ??
THANKYOU
Please don't dislike the answer, feel free to ask your query if any in comment.
Get Answers For Free
Most questions answered within 1 hours.