The U.S. Treasury Department and IRS today released proposed regulations (REG-107892-18) concerning a provision enacted under the new tax law that allows certain owners of sole proprietorships, partnerships, trusts, and S corporations to deduct 20% of their qualified business income.
The IRS also released in connection with the proposed regulations a list of “frequently asked questions” (FAQs). According to the FAQs:
Q12. How do co-ops qualify for the 199A deduction?
A12. The IRS will be issuing separate guidance for co-ops.
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