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Qualified business income deduction regs. proposed

Journal of Accountancy, 2018-10, Vol.226 (4), p.52-53

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Title:
Qualified business income deduction regs. proposed
Author: Schreiber, Sally P
Subjects: Business expenses ; Business income ; Multiple trusts ; REITs ; Tax deductions ; Taxable income ; Taxpayers
Is Part Of: Journal of Accountancy, 2018-10, Vol.226 (4), p.52-53
Description: The deduction is generally equal to the lesser of 20% of the taxpayer's qualified business income (QBI) plus 20% of the taxpayer's qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income, or 20% of taxable income minus net capital gains.For taxpayers whose taxable income exceeds a threshold amount ($315,000 for taxpayers filing joint returns and $157,500 for other taxpayers in 2018), the deduction may be limited based on the type of trade or business engaged in by the taxpayer, the wages paid with respect to the trade or business, and/or the unadjusted basis immediately after acquisition of qualified property held for use in the trade or business.Sec. 643(f) permits the IRS to issue regulations to prevent taxpayers from establishing multiple nongrantor trusts or contributing additional capital to multiple existing nongrantor trusts to avoid federal income tax.
Publisher: New York: American Institute of Certified Public Accountants
Language: English
Identifier: ISSN: 0021-8448
EISSN: 1945-0729
Source: Alma/SFX Local Collection
ProQuest Central

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