2020/2021

4 CARES Problem 06-05 (Static) (LO 6-1, 6-4] 1.11 points FruAgro Company has average annual gross receipts of $30 million annually. This year, FruAgro earned $1 million of business interest income, incurred $10 million of business interest expense and has adjusted taxable income of $17 million. Required: Compute FruAgro's current deduction for business interest and the amount of any business interest carryforward. (The CARES Act applies. Enter your answers in dollars not in millions of dollars.) X Answer is complete but not entirely correct. Amount Business interest deduction Business interest carryforward $ 6,100,000 X $ 3,900,000 X