George operates a business that generated revenues of $58 million and allocable taxable income of $1.33 million. Included in the computation of allocable taxable income were deductible expenses of $244,000 of business interest and $254,000 of depreciation. What is the business interest limitation that George will be subject to this year if the business does not qualify under the gross income test? Multiple Choice $498,000 $472,200 $381,000 $322,800 $231,800
George operates a business that generated revenues of $58 million and allocable taxable income of $1.33 million. Included in the computation of allocable taxable income were deductible expenses of $244,000 of business interest and $254,000 of depreciation. What is the business interest limitation that George will be subject to this year if the business does not qualify under the gross income test? Multiple Choice $498,000 $472,200 $381,000 $322,800 $231,800
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 56P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT