An Individual in a Specified Service Business, Such as Accounting

question 24

Multiple Choice

An individual in a specified service business, such as accounting, with taxable income over the threshold amounts ($207,500, or $415,000 if married filing jointly) , will not lose the QBI deduction on such income if:

• A) Taxable income exceeds the thresholds due to income of a spouse.
• B) Taxable income did not exceed the thresholds in the prior three years.
• C) Taxable income exceeds the thresholds because of net capital gain income.
• D) None of the above.

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Definitions:

Desert Organisms

Plants and animals specifically adapted to survive in harsh desert environments.

Citric Acid Cycle

A series of chemical reactions used by all aerobic organisms to release stored energy through the oxidation of acetyl-CoA derived from carbohydrates, fats, and proteins into carbon dioxide and chemical energy.

Electron Transport Chain

A series of protein complexes embedded in the mitochondrial or cellular membrane that facilitates the transfer of electrons, generating a proton gradient used to produce ATP.

Water

A transparent, tasteless, odorless, and nearly colorless chemical substance that is the main constituent of Earth's streams, lakes, and oceans, and the fluids of most living organisms.