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56. Renee operates a proprietorship selling collectibles over the Web. This year, Renee's business reported revenue of $95.5 million and deducted $88.6 million in expenses and loss carryovers. Her business deductions included cost of goods sold of $48.5 million, sales commissions paid of $16.9 million, \$10.5 million of interest paid on a mortgage, $10.7 million of depreciation, and $2 million deduction for a net operating loss carryover. a) What is Renee's adjusted taxable income for purposes of calculating the limitation on business interest expense? b) What is the maximum amount of business interest expense that Renee can deduct this year, and how is the disallowed interest expense (if any) treated? c) Suppose that Renee's revenue includes $5 million of business interest income. What is the maximum amount of business interest expense that could be deducted this year under the business interest limitation? \begin{tabular}{|l|r|} \hline Revenue & 95.50 \\ \hline Less Expenses & 88.60 \\ \hline Income before A & 6.90 \\ \hline Adjustments & \\ \hline Mortgage Int. & 10.50 \\ \hline Net Op. Loss & 2.00 \\ \hline Adjusted Tax. In. & 19.40 \\ \hline & \\ \hline Limitation & 5.82 \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline Revenue & \\ \hline Less Expenses & 88.60 \\ \hline Income before A & 6.90 \\ \hline Adjustments & \\ \hline Mortgage Int. & 10.50 \\ \hline Net Op. Loss & 2.00 \\ \hline Bus. Interest & -5 \\ \hline Adjusted Tax. In. & 14.40 \\ \hline & 5.00 \\ \hline Bus. Interest Inc & 4.32 \\ \hline 30\% Tax. Incom & 9.32 \\ \hline Limitation & 9.32 \\ \hline Deductible Int. & \\ \hline \end{tabular} - The deduction of business interest expense is limited to business interest income plus 30 percent of the business's adjusted taxable income. - The business interest limitation does not apply to businesses qualifying as small businesses under the $29 million gross receipts test. - Adjusted taxable income is taxable income allocable to the business computed without adding in interest income and without subtracting deductions for business interest expense, net operating loss carryovers, and 199A. - Disallowed business interest expense can be carried forward indefinitely. Calculating the Interest Limitation Adjusted taxable income represents the taxable income allocable to the business activity. This income is defined as taxable income of the taxpayer computed without regard to (1) any item of income, gain, deduction, or loss that is not properly allocable to a trade or business; (2) any business interest expense or business interest income; (3) the amount of any net operating loss deduction; and (4) any deduction for qualified business income under 199A26 When computing the limit, business interest expense does not include investment interest expense, and business interest income does not include investment income. For example, business interest expense would include interest paid on a loan used to purchase business equipment, but it would not include interest paid on a loan to purchase stock or bonds for investment purposes. The amount of any business interest expense not allowed as a deduction for any taxable year is carried forward indefinitely. If the average gross receipts of the business in any given year fall below a three-year average of \$29 million indexed for inflation, then the interest (including any carryforwards) becomes fully deductible (i.e., it is no longer subject to the business interest limitation)