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Anna11 [10]
3 years ago
14

This problem has been solved!See the answerIn the current year, Tern, Inc., a calendar year C corporation, has $9 million of adj

usted 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 choicesa. Current year deduction of $3 million, carryback of $200,000.b. Current year deduction of $2,790,000, carryback of $410,000.c. Current year deduction of $3 million, carryforward of $200,000.d. Current year deduction of $3.2 million.e. Current year deduction of $2,790,000, carryforward of $410,000.
Business
1 answer:
Stells [14]3 years ago
8 0

Answer:

Explanation:

SOLUTION

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

Reason:-

Business interest deduction limitation

Business Interest Income = $300000

+ 30% *$9m ie $2.7m

Total current year deduction = $3m

Remaining $200,000 will be allowed next year.

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Answer:

$118,000

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regulates the flow of traffic entering freeways according to current traffic conditions.

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Nimfa-mama [501]

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Which of the following phrases might be useful in writing the purpose statement for your formal report? Check all that apply. Th
Elina [12.6K]

Answer:

Hi

The report is a text written in prose with the objective of informing a specific reader or readers about the specific events or activities. The purpose of the report is to inform. However, the reports may include persuasive elements, such as recommendations, suggestions or other conclusions that indicate possible future actions that the reader of the report could take. It must have the following characteristics:

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