Business, 30.03.2021 03:10 rscvsdfsrysas3712

Ben and Molly are married and will file jointly. Ben generates $300,000 of qualified business income from his single-member LLC (a law firm). He reports his business as a sole proprietorship. Wages paid by the law firm amount to $40,000; the law firm has no significant property. Molly is employed as a tax manager by a local CPA firm. Their modified taxable income is $386,600 (this is also their taxable income before the deduction for qualified business income). Determine their allowable QBI deduction for 2020. $fill in the blank 1

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Ben and Molly are married and will file jointly. Ben generates $300,000 of qualified business income...