Economics

  1. Gary is married and files a joint return. Gary owns a sole proprietorship with QBI of $300,000. W-2 wages are $50,000 and the total basis of property held in the business was $750,000. His taxable income before his QBI deduction was $376,600 (which was also his modified taxable income). What is Gary’s QBI deduction?
  2. Ashley is married filing a joint return. She owns a sole proprietorship with QBI of 900,000. W-2 wages of the business was $300,000 and the total basis of property held in the business was $30,000. Her taxable income before her QBI deduction was $740,000 (which was also her modified taxable income). What is Ashley’s QBI deduction?