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Section 199A of the Internal Revenue Code provides many taxpayers a deduction (QBID) for qualified business income from a qualified trade or business operated directly or through a pass-through entity. The deduction has two components.
The sum of these two amounts is referred to as the combined qualified business income amount. Generally, this deduction is the lesser of the combined qualified business income amount and an amount equal to 20 percent of the taxable income minus the taxpayer’s net capital gain. Tax Cuts and Jobs Act, Provision 11011 Section 199A
Section 199A of the Internal Revenue Code provides many taxpayers a deduction (QBID) for qualified business income from a qualified trade or business operated directly or through a pass-through entity. The deduction has two components.
The sum of these two amounts is referred to as the combined qualified business income amount. Generally, this deduction is the lesser of the combined qualified business income amount and an amount equal to 20 percent of the taxable income minus the taxpayer’s net capital gain. Tax Cuts and Jobs Act, Provision 11011 Section 199A
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