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

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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