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Business Person (BP) operates a services business which produces $30 million of gross receipts . For the year BP incurs or experience s the following
Business Person (BP) operates a services business which produces $30 million of gross receipts . For the year BP incurs or experience s the following expenses : $ 12 million in salaries $10 million in operating expenses, $4 million in depreciation, and $2 million in expense. How much interest expense may BP deduct if:
a) the year is 2020
b) the year is 2022
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