Charley Inc is a large corporation that reported revenue of $80 million and expenses (other than interest) of $78 million in 2019. Included in the expenses is depreciation of $300,000. Charley Inc. paid business interest of $1,000,000 in 2019. What is the maximum amount of interest expense deduction this year? Assume the small business exception does not apply. Apply the rules as explained in the textbook (30% of ATI); however, make sure you are aware how the CARES Act changed the % of ATI limitation for purposes of applying the business interest expense limitation rules. Multiple Choice $510,000 $370,000 $1,000,000 $366,000 $690,000