27. LO.3 In 2021, MSU Corporation has $500,000 of adjusted taxable income, $22,000 of business interest income,
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27. LO.3 In 2021, MSU Corporation has $500,000 of adjusted taxable income, $22,000 of business interest income, and $120,000 of business interest expense. It has average annual gross receipts of more than $26,000,000 over the prior three taxable years.
a. What is MSU’s interest expense deduction?
b. How much interest expense can be deducted if MSU’s adjusted taxable income is $300,000?
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Related Book For
Essentials Of Taxation Individuals And Business Entities
ISBN: 233160
1st Edition
Authors: Nellen/Young/Raabe/Maloney
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