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FruAgro Company has average annual gross receipts of $ 8 0 million annually. This year, FruAgro earned $ 3 million of business interest income, incurred
FruAgro Company has average annual gross receipts of $ million annually. This year, FruAgro earned $ million of business interest income, incurred $ million of business interest expense and has adjusted taxable income of $ million.
Required:
Compute FruAgros current deduction for business interest and the amount of any business interest carryforward.
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