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4) Sandy Bottoms Corporation generated taxable income of $3 million in 2021. Taxable income included $350,000 of interest income, $920,000 of depreciation, and $875,000 of
4) Sandy Bottoms Corporation generated taxable income of $3 million in 2021. Taxable income included $350,000 of interest income, $920,000 of depreciation, and $875,000 of interest expense. What amount of interest expense is Sandy Bottoms allowed for the year? (6 Points)
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