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Sheffield Company has the following for the current year: Revenue $1,341,000 Cost of Goods Sold ($388,000) Salaries paid ($228,300) Advertising ($11,300) Depreciation Expense ($24,900)
Sheffield Company has the following for the current year: Revenue $1,341,000 Cost of Goods Sold ($388,000) Salaries paid ($228,300) Advertising ($11,300) Depreciation Expense ($24,900) Business Interest Expense ($2,790) Amortization Expense ($5,410) Office Expense ($1,390) What is Sheffield Company's adjusted taxable income for determining the amount of business interest expense that can be deducted? Ignore the impact of the QBI deduction.
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