Required information [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 $95.5 million and incurred total expenses of $88.6 million. Her expenses included cost of goods sold of $48.5 million, sales commissions paid of $16.9 million, $10.5 million of interest paid on the building mortgage, and $12.7 million of depreciation. What is Renee's adjusted taxable income for purposes of calculating the limitation on business interest expense? ote: Do not round intermediate calculations. Enter your answer in millions of dollars rounded to 1 decimal place. requirea: b-1. What is the maximum amount of business interest expense that Renee can deduct this year? Note: Do not round intermediate calculations. Enter your answer in millions of dollars rounded to 2 decimal places. b-2. How is the disallowed interest expense (if any) treated? Interest disallowed would be: Answer is complete and correct. Complete this question by entering your answers in the tabs below. What is the maximum amount of business interest expense that Renee can deduct this year? Note: Do not round intermediate calculations. Enter your answer in millions of dollars rounded to 2 decimal places. b-1. What is the maximum amount of business interest expense that Renee can deduct this year? Note: Do not round intermediate calculations. Enter your answer in millions of dollars rounded to 2 decimal places. b-2. How is the disallowed interest expense (if any) treated? Interest disallowed would be: Answer is complete and correct. Complete this question by entering your answers in the tabs below. How is the disallowed interest expense (if any) treated? Interest disallowed would be: Required information [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 revenul of $95.5 million and incurred total $16.9 million, $10.5 million of interest paid on the building mortgage, and $12.7 million of depreciation. 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? Note: Do not round intermediate calculations. Enter your answer in millions of dollars rounded to 2 decimal places