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This tax year, ABC, LLC (a taxpayer with an average gross receipts for the prior 3 years of $50 million) has adjusted taxable income of
- This tax year, ABC, LLC (a taxpayer with an average gross receipts for the prior 3 years of $50 million) has adjusted taxable income of $800,000, business interest expense of $500,000 and business interest income of $50,000. ABC has no floor plan financing interest.
What is its total allowable business interest expense deduction for the year?
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Financial Accounting A Global Perspective
Authors: Rod Monger
1st Edition
0470518405, 978-0470518403
