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Homework answers / question archive / Which of the following statements regarding the Section 199A qualified business income deduction is correct: a)The deduction is generally the lesser of 20% of qualified business income or 20% of adjusted taxable income
Which of the following statements regarding the Section 199A qualified business income deduction is correct:
a)The deduction is generally the lesser of 20% of qualified business income or 20% of adjusted taxable income.
b)The deduction is not available for service businesses such as health and accounting.
c)Adjusted taxable income does not include a spouse's income when the business owner files jointly with a spouse.
d)The deduction will be an equal amount for equal owners of the same business.