For 2022, MSU Corporation has $500,000 of adjusted taxable income, $22,000 of business interest income, and $120,000
Question:
For 2022, 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 $27,000,000 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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a Interest expense is limited to 172000 the sum of MSUs ...View the full answer
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Related Book For 
South Western Federal Taxation 2023 Comprehensive Volume
ISBN: 9780357719688
46th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young
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