Business, 27.11.2019 02:31 DogeDog6954

Calculation of qualified business income deduction (lo. 4)

tom is single and operates a golf store as a sole proprietorship. in 2018, the store has $130,000 of net income. tom does not itemize and has other income from interest and dividends of $2,000.

what is tom's qbi deduction for 2018?
$

what is his taxable income?
$

a. assume the same facts as above, except that tom is a cpa and operates an accounting firm as a sole proprietorship and his net income is $190,000. in addition, he has capital gains of $3,000.

what is tom's qbi deduction for 2018?
$

what is his taxable income?

Answers: 3

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Calculation of qualified business income deduction (lo. 4)

tom is single and operates a...