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- 2 QBI ques SH has 1 S Corp with huge loss and 3 other S Corps with profits
2 QBI ques SH has 1 S Corp with huge loss and 3 other S Corps with profits
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Pablo
Level 3
03-09-2021
01:44 PM
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Want to verify how I think this should be played out for 2020 SH's four S Corps:
1 S Corp lost $900k in 2020 (COVID) (zero basis to deduct any losses at SH level) QBI is negative
1 S Corp profit $45k (20% to QBI based on limitations)
2 S Corps, each with a profit of around $30k (both utilizing Suspended Carryover Losses to offset entire income) 20% to QBI based on limitations.
Looks like all 4 S Corps including the one with huge loss need to be taken into account.
Consequently, due to the one with huge loss, total QBI for 2020 = zero, with huge Carryover to 2021.
Hopefully I am wrong and to treat otherwise wouldn't be wise.
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