The code V in box 17 refers to qualified business income (QBI). The total of your QBI is multiplied by 20% and sometimes adjusted by other items of income and deduction listed on your tax return to arrive at the QBI deduction. Either of the incomes reported in box 1 or 3 could be QBI. If you look at the supplemental information reported with the K-1 schedule it may tell you which income the QBI belongs to. It shouldn't matter which one you apply it to as far as getting the deduction is concerned, just make sure the amount entered for code V in box 17 isn't more than the income reported on that schedule K-1 entry, as that wouldn't be possible.
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