For 2022, MSU Corporation has $500,000 of adjusted taxable income, $22,000 of business interest income, and $120,000 of business interest expense. It has average annual gross receipts of more than $27,000,000 over the prior three taxable years. a. What is MSU's interest expense deduction for 2022? b. How much interest expense can be deducted for 2022 if MSU's adjusted taxable income is $300,000

For 2022, MSU Corporation has $500,000 of adjusted taxable income, $22,000 of business interest income, and $120,000 of business interest expense. It has average annual gross receipts of more than $27,000,000 over the prior three taxable years. a. What is MSU's interest expense deduction for 2022? b. How much interest expense can be deducted for 2022 if MSU's adjusted taxable income is $300,000

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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am . 102.
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