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56. Renee operates a proprietorship selling collectibles over the Web, and last year she purchased a building for $24 million for her business. This year,

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56. Renee operates a proprietorship selling collectibles over the Web, and last year she purchased a building for $24 million for her business. This year, Renee's proprietorship reported revenue of $95.5 million and incurred total expenses of $88.6 million. Her expenses included cost of goods sold of $48.5 million, sales commissions paid of $16.9 million, $10.5 million of interest paid on the building mortgage, and $12.7 million of depreciation. a) What is Renee's adjusted taxable income for purposes of calculating the limitation on business interest expense? b) What is the maximum amount of business interest expense that Renee can deduct this year, and how is the disallowed interest expense (if any) treated? c) Suppose that Renee's revenue includes $5 million of business interest income. What is the maximum amount of business interest expense that could be deducted this year under the business interest limitation

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