IRS Prop. Reg.: Public Comments Submitted on Qualified Business Income Deduction (IRC §199A)

Public comments released April 24 on REG-107892-18 related to the qualified business income deduction under tax code Section 199A. Section 199A allows taxpayers who have domestic “qualified business income” (QBI) from a partnership, S corporation, or sole proprietorship to a deduction equal to: (1) the lesser of the combined qualified business income amount of the taxpayer or 20% of taxable income (reduced by net capital gain), plus (2) the lesser of 20% of qualified cooperative dividends or taxable income (reduced by net capital gain). [Comments from Main Street Capital Corp.]

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