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The Qualified Business Income Deduction Regulations: Part 1

Law360 (January 25, 2019, 10:23 PM EST) -- On Jan. 18, 2019, the Internal Revenue Service issued final regulations under new Internal Revenue Code Section 199A,[1] which generally provides a deduction equal to 20 percent of an owner’s allocable share of the qualified business income, or QBI, from a pass-through entity — S corporation, partnership, or LLC taxed as a partnership or S corporation — or from a sole proprietorship. [2]

On Oct. 16, 2018, a public hearing was held regarding the proposed regulations. In response to the proposed regulations, the IRS received 335 comment letters from tax professionals and taxpayers. The final regulations are comprised of 274 pages...

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