Stephen L Nelson CPA
Level 3
03-04-2019
04:36 PM
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The proposed regs used an effectively connected phrasing I think... (I read the proposed regs maybe a dozen times...) And lots of folks, me included, thought that signaled a "Section 162" standard made sense. I.e., if the deduction appeared on Schedule C, the 1065, etc., it reduced QBI.
I realize I've done a blog post on this subject:
https://evergreensmallbusiness.com/section-199a-qualified-business-income-adjustments/