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Renee operates a proprietorship selling collectibles over the Web. This year, Renee's business reported revenue of $$95\mathrm{.}5$ million and deducted $$88\mathrm{.}6$ million in expenses and loss carryovers. Her business deductions included cost of goods sold of $$48\mathrm{.}5$ million, sales commissions paid of $$16\mathrm{.}9$ million, $$10\mathrm{.}5$ million of interest paid on a mortgage, $$10\mathrm{.}7$ million of depreciation, and $$2$ million deduction for a net operating loss carryover.

c$.$ Suppose that Renee's revenue includes $$5$ million of business interest income. What is the maximum amount of business interest expense that could be deducted this year under the business interest limitation$?$

Note: Do not round intermediate calculations. Enter your answer in millions of dollars rounded to $2$ decimal places.

Answer is complete but not entirely correct.

Deductible Business Interest Expense

$

$5\mathrm{.}82$

million

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Ryan is self$-$employed. This year Ryan used his personal auto for several long business trips. Ryan paid $$1,500$ for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $$3,000.$ During the year, he drove his car a total of $12,000$ miles $($a combination of business and personal travel$).$

Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.

b$.$ Ryan estimates that he drove approximately $1,300$ miles on business trips, but he can only provide written documentation of the business purpose for trips totaling $820$ miles. What business expense amount can Ryan deduct $($if any$)$ for these trips?

Maximum deductible amount

$

$325$

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Required information

Part $2$ of $2$

$0\mathrm{.}88$ points

$$

$$ Print

$$

References

$[$The following information applies to the questions displayed below.$]$

Ryan is self$-$employed. This year Ryan used his personal auto for several long business trips. Ryan paid $$1,500$ for gasoline on these trips. His depreciation on the car if he was using it fully for business purposes would be $$3,000.$ During the year, he drove his car a total of $12,000$ miles $($a combination of business and personal travel$).$

Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.

b$.$ Ryan estimates that he drove approximately $1,300$ miles on business trips, but he can only provide written documentation of the business purpose for trips totaling $820$ miles. What business expense amount can Ryan deduct $($if any$)$ for these trips?

Maximum deductible amount

$

$325$