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Problem - Barney is a managing LLC member (treated as a general partner) of BG LLC and is allocated qualified business income (QBI) from BG of $800,000. (BG is not a "specified service trade or business.") Barney's Schedule K-1 reflects a $300,000 share of BG's W-2 wages and a $1,200,000 share of BG's UBIA (unadjusted basis immediately after acquisition). Assume also that Barney's taxable income excluding capital gains is $600,000 and that Barney has no income from REITs, publicly traded partnerships, or other qualified businesses. Refer to the QBI discussion in this chapter, the discussion in text Section 15-3, and the flowchart in Concept Summary 15.2.
Required -
a. Calculate Barney's deduction under § 199A for qualified business income. Show your work and show how any limitations are calculated.
b1. How does Barney's § 199A deduction affect his (1) cash flow?
b2. How does Barney's § 199A deduction affect his (2) basis in the LLC interest?
b3. How does Barney's § 199A deduction affect his (3) capital account?
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