Business, 25.12.2019 04:31 kyleryoung0602
Renee operates a proprietorship selling collectibles over the web, and last year she purchased a building for $24 million for her business. this year, renee’s proprietorship reported revenue of $85 million and incurred total expenses of $78.1 million. her expenses included cost of goods sold of $48.5 million, sales commissions paid of $6.4 million, $10.5 million of interest paid on the building mortgage, and $12.7 million of depreciation. 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?
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Renee operates a proprietorship selling collectibles over the web, and last year she purchased a bui...
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