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Rob operates a small plumbing supplies business as a sole proprietor. In 2018, the plumbing business has...

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Accounting

Rob operates a smallplumbing supplies business as a sole proprietor. In 2018, theplumbing business has gross business income of $421,000 andbusiness expenses of $267,000, including wages paid of $58,000. Thebusiness sold some land that had been held for investmentgenerating a long-term capital gain of $15,000. The business has$300,000 of qualified business property in 2018. Rob's wife, Marie,has wage income of $250,000. They jointly sold stocks in 2018 andgenerated a long-term capital gain of $13,000. Rob and Marie haveno dependents and in 2018, they take the standard deduction of$24,000.

The income thresholdfor QBI limitations starts at $315,000 for married filing jointlytaxpayers.

a.What is Rob and Marie's taxable income before the QBIdeduction?

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