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.

Problem 9-53 Part-b b. How much business interest expense can Renee deduct this year?

Required information Problem 9-53 (LO 9-2) [The following information applies to the questions displayed below.j 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-b b. How much business interest expense can Renee deduct this year? Deductible Business Interest Expense million