Renee operates a proprietorship selling collectibles over the web, and last year she purchased a building for $24 million for her business. This year, Renees proprietorship reported revenue of $85 million and incurred total expenses of $78.1 million. Her expenses included cost of goods sold of $38 million, sales commissions paid of $16.9 million, $10.5 million of interest paid on the building mortgage, and $12.7 million of depreciation.

c. Suppose that Renees revenue includes $5 million of business interest income. What is the maximum amount of business interest expense that Renee can deduct this year?

Required information Problem 9-53 (LO 9-2) [The following information applies to the questions displayed below. Renee operates a proprietorship selling collectibles over the web, and last year she purchased a building for $24 million for her business. This year, Renee's proprietorship reported revenue of $85 million and incurred total expenses of $78.1 million. Her expenses included cost of goods sold of $38 million, sales commissions paid of $16.9 million, $10.5 million of interest paid on the building mortgage, and $12.7 million of depreciation. Problem 9-53 Part-c c. Suppose that Renee's revenue includes $5 million of business interest income. What is the maximum amount of business interest expense that Renee can deduct this year? Deductible Business Interest Expense million