Elliot and Conrad (a two-member LLC) operated a consulting firm (a “specified services” business). The business is equally owned and the two are not related. In 2020, the business generates

Elliot and Conrad (a two-member LLC) operated a consulting firm (a “specified services” business). The business is equally owned and the two are not related. In 2020, the business generates qualified business income of $280,000, pays W–2 wages of $170,000, and has qualified business property of $140,000. Elliot’s wife, Julie, is an attorney who works for a local law firm and receives wages of $90,000. They will file a joint tax return and use the standard deduction of $24,800. Conrad’s wife, Rachel, earned wages during the year of $350,000, and Conrad and Rachel have itemized deductions of $62,000 and will file a joint return. If amount is zero, enter “0”. a. is Elliot’s qualified business income deduction? $ b. is Conrad’s qualified business income deduction? $