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For 2022 , MSU Corporation has $500,000 of adjusted taxable Income, $22,000 of buslness Interest Income, and $120,000 of busIness Interest expense. It has average
For 2022 , MSU Corporation has $500,000 of adjusted taxable Income, $22,000 of buslness Interest Income, and $120,000 of busIness Interest expense. It has average annual gross recelpts of more than $27,000,000 over the prior three taxable years. a. What is MSU's Interest expense deduction for 2022? 4 b. How much Interest expense can be deducted for 2022 If MSU's adjusted taxable Income Is $300,000
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