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Determine their QBI deduction

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Question - Scott and Laura are married and will file a joint tax return. Scott owns a sole proprietorship (not a "specified service business") that reports net income of $300,000. The proprietorship pays W-2 wages of $40,000 and holds property with an unadjusted basis of $10,000. Laura is employed by a local school district. Their taxable income before the QBI deduction is $440,000 (this is also their modified TI). Determine their QBI deduction.

Reference no: EM132913813

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