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What is Elliot qualified business income deduction

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Problem - Elliot operates his clothing store as a single member LLC (which he reports as a sole proprietorship). In 2019, his proprietorship generates qualified business income of $280,000, he pays W-2 wages of $170,000, and he has qualified business property of $140,000. Elliot's wife, Julie, is an attorney who works for a local law firm and receives wages of $90,000. They will file a joint tax return and use the standard deduction. What is Elliot's qualified business income deduction?

Reference no: EM132644795

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