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Assuming Aravind's business does not qualify under the gross income test, what is the business interest limitation that Aravind will be subject to this year if he operates a business that generated revenues of $50 million and adjusted taxable income of $1.25 million (adjusted taxable income includes $1 million of business interest and $600,000 of depreciation, and Aravind has a $250,000 qualified business income deduction)? Group of answer choices $675,000 $855,000 $930,000 $1,000,000

Assuming Aravind's business does not qualify under the gross income test, what is the business interest limitation that Aravind will be subject to this year if he operates a business that generated revenues of $50 million and adjusted taxable income of $1.25 million (adjusted taxable income includes $1 million of business interest and $600,000 of depreciation, and Aravind has a $250,000 qualified business income deduction)? Group of answer choices $675,000 $855,000 $930,000 $1,000,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assuming Aravind's business does not qualify under the gross income test, what is the business interest limitation that Aravind will be subject to this year if he operates a business that generated revenues of $50 million and adjusted taxable income of $1.25 million (adjusted taxable income includes $1 million of business interest and $600,000 of depreciation, and Aravind has a $250,000 qualified business income deduction)? Group of answer choices $675,000 $855,000 $930,000 $1,000,000
Transcribed Image Text:Assuming Aravind's business does not qualify under the gross income test, what is the business interest limitation that Aravind will be subject to this year if he operates a business that generated revenues of $50 million and adjusted taxable income of $1.25 million (adjusted taxable income includes $1 million of business interest and $600,000 of depreciation, and Aravind has a $250,000 qualified business income deduction)? Group of answer choices $675,000 $855,000 $930,000 $1,000,000
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