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Sandy Bottoms Corporation generated taxable income of $700,000. Taxable income included $70,000,000 of revenue, $400,000 of interest expense, $50,000 of interest income, $230,000 of depreciation
Sandy Bottoms Corporation generated taxable income of $700,000. Taxable income included $70,000,000 of revenue, $400,000 of interest expense, $50,000 of interest income, $230,000 of depreciation deductions, and a $100,000 deduction for an NOL carryover from a prior year.
What is Sandy Bottoms' maximum interest expense deduction for the year?
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