Compute Ellie May QBI deduction

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Reference no: EM132793523

Problem - Ellie May (a single taxpayer) owns 100% of Bodeen Enterprises LLC. Bodeen Enterprises LLC (a sole proprietorship) generates QBI of $850,000 and is not a "specified services" business. In 2020, Bodeen Enterprises LLC paid its employees W-2 wages of $350,000, and the total unadjusted basis of property held by Bodeen is $75,000. Ellie May's taxable income before the QBI deduction is $810,000 (this is also her modified taxable income).

Compute Ellie May's QBI deduction for 2020. If applicable, please use $213,300 as the threshold for the W-2 Wages/Capital Investment Limit for this problem.

Reference no: EM132793523

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