Qualified business income definition

Qualified business income means “the net amount of qualified items of income, gain, deduc- tion, and loss with respect to any qualified trade or business of the taxpayer” for any taxable year. I.R.C.
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Qualified business income means net income effectively connected to a U.S. trade or business, but excluding capital gains and losses and specified passive income and losses. “Qualified property” means tangible property that is subject to depreciation and is used in the qualified trade or business.
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Qualified business income generally means the net amount of domestic qualified items of income, gain, deduction, and loss with respect to the taxpayer’s qualified businesses (i.e., any trade or business other than specified service trades or businesses, except for a limited exception described below). There is no definition of “domestic.”
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Examples of Qualified business income in a sentence

  • Reasonable compensation and guaranteed payments Qualified business income does not include any amount paid by an S corporation that is treated as reasonable compensation of the taxpayer.

  • The Buyer hereby waives compliance by the Sellers with the provisions of any so-called bulk transfer laws of any jurisdiction in connection with the sale and transfer of the Interests to the Buyer.

  • Qualified business income means, generally, all net business income from a passive business activity plus the capital percentage of net business income from an active business activity, reduced by carryover business losses and by certain net business losses from the current year, as determined under the provision.

  • Qualified business income includes the capital percentage, generally 30 percent, of net business income.

  • Nonetheless, a sole proprietorship is treated as an entity separate from its owner for employment tax purposes,37 for certain excise taxes,38 and certain information reporting requirements.39 House Bill Qualified business income of an individual from a partnership, S corporation, or sole proprietorship is subject to Federal income tax at a rate no higher than 25 percent.

  • Qualified business income In generalQualified business income is determined for each qualified trade or business of the taxpayer.

  • Qualified business income does not include any qualified REIT dividends or qualified publicly traded pa rtnership income.

  • Qualified business income generally includes only items included in taxable income that are effectively connected with aUS trade or business (including for this purpose Puerto Rico), other than specified service trades or businesses.

  • Qualified business income does not include reasonable compensation paid to a S corporation shareholder or Section 707(c) guaranteed paymentsfor services made to partners.

  • Qualified business income generally excludes income from a specified service trade or business when taxable income is in excess of the threshold amount and always excludes income from the trade or business of performing services as an employee.


More Definitions of Qualified business income

Qualified business income. (QBI) generally means, for any taxable year, the net amount of qualified items of income, gain, deduction, and loss for any trade or business of the taxpayer, provided the other requirements of the regulation and section 199A are satisfied. Reg. § 1.199A-3(b)(1).
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Qualified business income means the net amount of qualified items of:
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Qualified business income. For purposes of this deduction, the Partnership’s “qualified business income” is equal to the sum of: • the net amount of the Partnership’s items of income, gain, deduction and loss to the extent such items are included or allowed in the determination of taxable income for the year and are attributable to the Partnership’s conduct of a trade or business within the United States, excluding certain specified types of passive investment income (such as capital gains and dividends, which are taxed at a rate of 20%) and certain payments made to the unitholder for services rendered to the Partnership; and • any gain recognized upon a disposition of common units to the extent such gain is attributable to Section 751 Assets, such as depreciationrecapture and the Partnership’s “inventory items,” and is thus treated as ordinary income under Section 751 of the Code. These rates, and the deduction, are subject to change by new legislation at any time. Prospective unitholders should consult their tax advisors regarding the application of the deduction for qualified business income. In addition, a 3.8% net investment income tax, or NIIT, applies to certain net investment income earned by individuals, estates and trusts. For these purposes, net investment income generally includes a unitholder’s allocable share of the Partnership’s income and gain realized by a unitholder from a sale of common units (without taking into account the 20% deduction discussed above). In the case of an individual, the tax is imposed on the lesser of (1) the unitholder’s net investment income and (2) the amount by which the unitholder’s modified adjusted gross income exceeds $250,000 (if the unitholder is married and filing jointly or a surviving Table of Contents spouse), $125,000 (if the unitholder is married and filing separately) or $200,000 (in any other case). In the case of an estate or trust, the tax will be imposed on the lesser of (1) undistributed net investment income, or (2) the excess adjusted gross income over the dollar amount at which the highest income tax bracket applicable to an estate or trust begins.
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Qualified business income means net business income less the owners’ Social Security taxes and certain other amounts. “Pass-through entities” mean sole proprietorships, S corporations and entities taxable as partnerships. Most New Hampshire multi-member LLCs are taxable as partnerships.
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Qualified business income means, for any taxable year, the net amount of qualified income, gain, deduction, and loss with respect to any qualified trade or business of the taxpayer.6 If qualified business income for any year with respect to qualified trades or
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Related to Qualified business income

  • Business income means income arising from transactions and activity in the regular course of the taxpayer's trade or business and includes income from tangible and intangible property if the acquisition, management, and disposition of the property constitute integral parts of the taxpayer's regular trade or business operations.

  • Qualified business means an eligible business that:

  • Nonbusiness income means all income other than business income.

  • Permitted Business Investment means any Investment made in the ordinary course of, and of a nature that is or shall have become customary in, the Oil and Gas Business including investments or expenditures for actively exploiting, exploring for, acquiring, developing, producing, processing, gathering, marketing or transporting oil, natural gas or other Hydrocarbons and minerals through agreements, transactions, interests or arrangements which permit one to share risks or costs, comply with regulatory requirements regarding local ownership or satisfy other objectives customarily achieved through the conduct of the Oil and Gas Business jointly with third parties including:

  • Permitted Business Investments means Investments made in the ordinary course of, and of a nature that is or shall have become customary in, the Oil and Gas Business, including through agreements, transactions, interests or arrangements that permit one to share risk or costs, comply with regulatory requirements regarding local ownership or satisfy other objectives customarily achieved through the conduct of the Oil and Gas Business jointly with third parties, including without limitation:

  • Excluded Business has the meaning set forth in Section 6.10.

  • Disabled Business Enterprise means a business owned by a person with a disability that is a continuing, independent, for-profit business that performs a commercially useful function, and is at least fifty-one (51%) owned and controlled by one (1) or more persons with a disability, or, in the case of any publicly-owned business, at least fifty one percent (51%) of the stock of which is owned and controlled by one(1) or more persons with a disability and whose management and daily business operations are under the control of one (1) or more persons with a disability.

  • Specified Business means a business of a kind prescribed by the regulations to be a specified business; tenant, in relation to a lease, means the person who, under the lease, is or would be entitled to occupy the premises the subject of the lease; Tribunal means the State Administrative Tribunal;

  • Excluded Businesses means Business types which are excluded from application for an Inter-Community Business Licence and includes those Business types referred to in Schedule “A”.

  • Separate Business means each of the activities of the Licensee connected

  • Related Business Assets means assets (other than cash or Cash Equivalents) used or useful in a Similar Business; provided that any assets received by the Issuer or a Restricted Subsidiary in exchange for assets transferred by the Issuer or a Restricted Subsidiary shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary.

  • Qualified business facility means any building, complex of

  • Consolidated Income Taxes means, with respect to any Person for any period, taxes imposed upon such Person or other payments required to be made by such Person by any governmental authority which taxes or other payments are calculated by reference to the income or profits of such Person or such Person and its Restricted Subsidiaries (to the extent such income or profits were included in computing Consolidated Net Income for such period), regardless of whether such taxes or payments are required to be remitted to any governmental authority.

  • Controlled unaffiliated business means a company:

  • Disadvantaged Business Enterprise (DBE) means a firm certified as such by the Department in accordance with 49 CFR Part 26.

  • Consolidated Businesses means the General Partner, the Borrower and their wholly-owned Subsidiaries.

  • Certified Minority Business Enterprise means a business which has been certified by the certifying organization or jurisdiction in accordance with s. 287.0943(1) and (2).

  • Disabled Veteran Business Enterprise (DVBE) means a business concern certified as a DVBE by the Office of Small Business Certification and Resources, Department of General Services.

  • Company IT Assets means all Software, systems, serves, computers, hardware, firmware, middleware, networks, data communications lines, routers, hubs, switches and all other information technology equipment, and all associated documentation owned by or licensed, pursuant to a valid and enforceable license agreements, to the Company and its Subsidiaries.

  • Disadvantaged Business Enterprise means a for-profit small business concern that is at least 51% owned by one or more individuals who are both socially and economically disadvantaged individuals or, in the case of a corporation, in which 51% of the stock is owned by one or more such individuals; and whose management and daily business operations are controlled by one or more socially and economically disadvantaged individuals who own it.

  • Consolidated Income Tax Expense means, with respect to any Person for any period, the provision for federal, state, local and foreign income taxes of such Person and its Restricted Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP.

  • Covered Business means (A) during the term, any business in which the Company is engaged and (B) after the Term, any business in which the Company was engaged as of the end of the Term.

  • Certified business means a business verified as a minority- or women-owned business enterprise pursuant to Section 314 of the Executive Law.

  • Minority or Women-Owned Business Enterprise means a business enterprise, including a sole proprietorship, partnership or corporation that is:

  • Domestic business entity means a corporation, as defined in s. 180.0103 (5), a domestic limited liability company, a partnership, as defined in s. 178.0102 (11), a limited partnership, as defined in s. 179.01 (7), or a corporation, as defined in s. 181.0103 (5).

  • Women Business Enterprise (WBE) as used in this policy means a business enterprise that meets all of the following criteria: