expenses of $243,500 of business interest and $253,500 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 O O $396,000 $231,500 $319,950 $497,000 $469,050
expenses of $243,500 of business interest and $253,500 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 O O $396,000 $231,500 $319,950 $497,000 $469,050
Chapter21: Partnerships
Section: Chapter Questions
Problem 44P
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Question
Transcribed Image Text:George operates a business that generated revenues of $57 million and allocable taxable income of $1.32 million. Included in the computation of allocable taxable income were deductible
expenses of $243,500 of business interest and $253,500 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
$396,000
$231,500
$319,950
$497,000
O $469,050
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ISBN:
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