Business, 03.03.2020 01:26 angelica3752

Complete the following statements regarding the general rules for the QBI deduction and how is it computed. Be specific.
a. The QBI deduction is available to (all/ corporate/ noncorporate) taxpayers. It applies to the qualified business income generated through (all buisness entities/ C and S corporations/ a sole proprietership, a partnership, or an S corporation) .
b. In general, the deduction for qualified business income is the (higher/ lesser) of:
1) % of qualified business income, or
2) % of modified taxable income.
c. The QBI deduction is a deduction (for/ from) AGI. Further, the deduction is available (only if the standard deduction is used/ only if the taxpayer itemizes deductions/ whether the taxpayer uses the standard deduction or itemizes deductions) .

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Complete the following statements regarding the general rules for the QBI deduction and how is it co...

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