Kindly Note: Answering the first question as HOMEWORKLIB
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Kindly post other questions separately.
Jocelyn QBI Deduction =
Lesser of the following two options:
i. 20% of QBI from businesses including sole proprietorship
= $275,000 × 20%
= $55,000
ii. 20% of Taxable Income – Net Capital Gain
= ($250,000 × 20%) – 0
= $50,000
∴ Jocelyn QBI Deduction = $50,000
DO NOTE: The question asks “Janice” permitted QBI Deduction which is = $0 since no other information relating to the same is provided for her.
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