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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.
Equilibrium Price
The price at which the quantity supplied in a market equals the quantity demanded, achieving a balance between sellers and buyers.
Gnome Molds
Forms used in the creation of gnome figurines, often for garden decoration or collectible purposes.
Cockatoos
A type of large, often colorful and noisy, parrot native to Australia and surrounding islands.
Smuggled
The act of illicitly transporting goods across borders or into territories where they are prohibited or subject to taxes or duties.
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