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For purposes of the qualified business income deduction, a qualified trade or business is any trade or business other than a(n) trade or business or business of being noncorporate taxpayers.
A legal entity is considered a legal entity. Partnerships, such as partnerships and sole proprietorships, have no legal distinction from their owners. This means that owners of such companies do not enjoy the same legal protections as legal entities.
Non-Income Taxpayer is defined pursuant to Section 120 of the Income Tax Act. Income Tax Rates and Thresholds - Resident Individuals (1) Section 1(2)(a) is 10%. ¹ XXI p. 260. *According to Section 1(3E) of the Income Tax Act, 1970
The distinction between corporate and unincorporated shareholders has to do with the corporation owning the shares of the company. A corporate shareholder is a legal entity that has purchased shares in another company, and an unincorporated shareholder is usually an individual who has purchased shares in the company.
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