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Malloy Companys earnings before interest, taxes, depreciation, depletion, and amortization are $2,000,000 in 2019. Malloys gross receipts have always exceeded $40,000,000. Malloys interest expenses is
Malloy Companys earnings before interest, taxes, depreciation, depletion, and amortization are $2,000,000 in 2019. Malloys gross receipts have always exceeded $40,000,000. Malloys interest expenses is $800,000. Can Malloy deduct any interest expense? If so, how much and when?
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