Concerning the business interest expense deduction, which of the following statements is true? a. Disallowed interest expense

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Concerning the business interest expense deduction, which of the following statements is true?

a. Disallowed interest expense can be carried forward indefinitely.

b. The interest expense deduction cannot exceed 30% of adjusted taxable income.

c. The interest expense limitation does not apply to a business with receipts under $26 million.

d. Adjusted taxable income is equal to taxable income before business interest expense.

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Fundamentals Of Taxation 2020 Edition

ISBN: 9781260483147

13th Edition

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler

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