In the current year, Tern, Inc., a calendar year C corporation, has $9 million of adjusted taxable income, $300,000 of business interest income, zero floor plan financing interest, and $3.2 million of business interest expense. Tern has average gross receipts for the prior three-year period of $45 million. Which of the following statements is correct about the treatment of Tern's business interest expense?

Group of answer choices

Current year deduction of $3 million, carryback of $200,000.

Current year deduction of $2,790,000, carryback of $410,000.

Current year deduction of $3 million, carryforward of $200,000.

Current year deduction of $3.2 million.

Current year deduction of $2,790,000, carryforward of $410,000.

correct option is Current year deduction of $3 million, carry forward of $200,000.

Explanation:

given data

adjusted taxable income = $9

business interest income = $300,000

business interest expense = $3.2 million

average gross receipts = $45 million

solution

correct answer is Current year deduction of $3 million, carry

forward of $200,000.  because Business interest deduction limitation

as here Business Interest Income is  $300000

plus + 30%  of $9m

that is = $2700000

so here current year total deduction = $3000000

and Remaining will be allowed next year is  $200,000

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number

answer(d) the growth of consumption is likely to remain sluggish even as the economy begins to recover.;