Question: Please Show All Work FruAgro Company has average annual gross receipts of $74 million annually. This year, FruAgro earned $3 million of business interest income,

Please Show All Work FruAgro Company has average annual gross receipts

Please Show All Work

FruAgro Company has average annual gross receipts of $74 million annually. This year, FruAgro earned $3 million of business interest income, incurred $11 million of business interest expense and has adjusted taxable income of $21 million. Compute FruAgro's current deduction for business interest and the amount of any business interest carryforward. (Enter your answers in dollars not in millions of dollars.) Business interest deduction Business interest carryforward $ 1,700,000

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