Calculate the allowed interest expense deduction (combined regular and floor plan) under IRC 163j based on the following income statement for tax year 2021: Gross Sales $35,000,000 Cost of Goods Sold 22,000,000 Gross Profit 13,000,000 Interest Expense- regular 7,000,000 Depreciation 1,000,000 Interest Expense Floor Plan 200,000 All other deductions 3,000,000 Total Business Deductions 11,200,000 Net Income 1,800,000 Interest Income Earned 40,000 Capital Gain non-business 50,000 Taxable Income before 163j limit $1,890,000 Answer: 807000 x Feedback