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In 2020, Avery Corporation, a large [average gross receipts for the prior three-year period of $26,000,000 or more] multinational calendar year C corporation, has $5,000,000
In 2020, Avery Corporation, a large [average gross receipts for the prior three-year period of $26,000,000 or more] multinational calendar year C corporation, has $5,000,000 of adjusted taxable income, $100,000 of business interest income, zero floor plan financing interest, and $2,000,000 of business interest expense. Calculate how much of the interest expense is deductible in 2020.
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