America has average gross receipts of 40 million per year over the last several years and the current year. America. Has 2,000,000 of taxable income before considering interest America has 150,000 of business interest income and 1,200,000 of interest expense and no floor plan. 

Financing How much interest expense can America deduct?

Answer rating: 100% (QA)

To determine the amount of interest expense that America can deduct for tax purposes we need to consider certain limitations imposed by the tax code L... View the full answer