Page 23 - Tax Reforms - Businesses

QBID – Qualified Business Income Deduction (5/14)

03 QBID

Owners of sole proprietorships,
partnerships, corporations and some trusts
and estates may be eligible for a new
deduction – referred to as Qualified
Business Income Deduction - allowing
them to deduct up to 20 percent of their
qualified business income, plus 20% of the
aggregate amount of qualified real estate
investment trust dividends and qualified
publicly traded partnership income. A
corrected draft of section 199A final
regulations PDF has been released. These
corrections include corrections to the
definition and computation of excess
section 743(b) basis adjustments for
purposes of determining the unadjusted
basis immediately after an acquisition of
qualified property, as well as corrections to
the description of an entity disregarded as
separate from its owner for purposes of
section 199A and §§1.199A-1 through
https://lentcpa.com 1.199A-6.