Borrower incurs interest expense of $350,000 for the tax year 2022 in connection with Borrower's trade or business. Not including this expense, Borrower has other taxable income for 2022 of $1,000,000. Borrower does not qualify for the small business exception or for the real property trade or business election. Considering IRC 163(j), what is Borrower's allowable interest deduction for 2022?

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We can calculate the allowable interest deduction as follows Busi... View the full answer