FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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George operates a business that generated revenues of $69 million and allocable taxable income of $1.44 million. Included in the computation of allocable taxable income were deductible expenses of $249,500 of business interest and $259,500 of depreciation. What is the maximum business interest deduction that George will be eligible to claim this year? Multiple Choice $432,000 $279,300 $1699.500 $354350
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Transcribed Image Text:George operates a business that generated revenues of $69 million and allocable taxable income of $1.44 million. Included in the computation of allocable taxable income were deductible expenses of $249,500 of business interest and $259,500 of depreciation. What is the maximum business interest deduction that George will be eligible to claim this year? Multiple Choice $432,000 $279,300 $1699.500 $354350
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Step 1: Explanation of Business Interest Deduction Limitation.
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Step 2: Calculation of maximum business interest deduction that George will be eligible to claim this year.
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