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George operates a business that generated revenues of $54 million and allocable taxable income of $1.29 million. Included in the computation of allocable taxable income
George operates a business that generated revenues of $54 million and allocable taxable income of $1.29 million. Included in the computation of allocable taxable income were deductible expenses of $242,000 of business interest and $252,000 of depreciation. What is the business interest limitation that George will be subject to this year if the business does not qualify under the gross income test
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