George operates a business that generated revenues of $50 million and allocable taxable income of $1.25 million.
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- George operates a business that generated revenues of $50 million and allocable taxable income of $1.25 million. Included in the computation of allocable taxable income were deductible expenses of $240,000 of business interest and $250,000 of depreciation.
- What is the business interest limitation that George will be subject to this year if the business does not qualify under the gross income test?
Related Book For
Taxation Of Individuals And Business Entities 2023 Edition
ISBN: 9781265790295
14th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
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