large corporations may have statutory limits on certain business expense deductions taken on their US Form 1120.
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Question:
large corporations may have statutory limits on certain business expense deductions taken on their US Form 1120. These include the deduction for interest expense, net operating losses, charitable contributions, and employee compensation. Select 2 of these statutory rules, provide the relevant IRC code section, and an explanation of the rule (in your own words) as well as a mechanical example of how the rule works (do not use the exact amounts provided in class).
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