George operates a business that in 2020 generated revenues of $50 million and allocable taxable income of $560,000. Included in the computation of allocable taxable income were $900,000 of business interest expense, $20,000 of business interest income, and $180,000 of depreciation. Assume CARES Act applies. What is the maximum business interest deduction that George will be eligible to claim this year? Multiple Choice $168,000 • $222,000 . . • $280,000 • $830,000 $880,000 .

George operates a business that in 2020 generated revenues of $50 million and allocable taxable income of $560,000. Included in the computation of allocable taxable income were $900,000 of business interest expense, $20,000 of business interest income, and $180,000 of depreciation. Assume CARES Act applies. What is the maximum business interest deduction that George will be eligible to claim this year? Multiple Choice $168,000 • $222,000 . . • $280,000 • $830,000 $880,000 .

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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