Sandy Bottoms Corporation generated taxable income (before depreciation, interest expense, and any tax loss carryovers) of $3 million this year. Taxable income included $75,000,000 of revenue and $350,000 of interest income. Assuming the business has been generating more than $26 million of revenue over the past years, what is Sandy Bottoms's maximum interest expense deduction for the year?

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The deduction for business interest expense is total of interest income 30 of adjusted gros... View the full answer