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Kelly operates a sole proprietorship with qualified business income of $920,000. Her business paid W-2 wages of $250,000 and owns depreciable tangible property with an unadjusted basis of $410,000. Compute Kelly's allowable QBI deduction before the taxable income limitation.
Markdown
A reduction from the original or list price of goods or services to stimulate sales.
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Engines that have been disassembled, cleaned, inspected, repaired, and reassembled to working condition.
Operating Costs
Expenses associated with the day-to-day functioning of a business or operating a piece of equipment.
Operating Expenses
The costs associated with running a day-to-day business operation, excluding the cost of goods sold.
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