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Please show answer step by step. Thank you Blossom Company, a sole proprietorship, has $1,230,000 of adjusted taxable income (ATI), $95,000 of business interest income,

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Blossom Company, a sole proprietorship, has $1,230,000 of adjusted taxable income (ATI), $95,000 of business interest income, and $455,500 of business interest expense. Assume average gross receipts over the past three years are in excess of $29,000,000. What can Blossom Company deduct for business interest expense?

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