In each of the following independent cases for tax year 2021, determine the amount of business Interest expense deduction and disallowed interest expense carryforward, if any. Assume that average annual gross receipts exceed $26 million. Required: a. Company A has ATI of $86,000 and business interest expense of $24.000. b. Company B has ATI of $114,000, business interest expense of $62,000, and business interest income of $3,600. c. Company C has taxable income of $62,800 which includes business interest expense of $98,000 and depreciation of $28,000.

In each of the following independent cases for tax year 2021, determine the amount of business Interest expense deduction and disallowed interest expense carryforward, if any. Assume that average annual gross receipts exceed $26 million. Required: a. Company A has ATI of $86,000 and business interest expense of $24.000. b. Company B has ATI of $114,000, business interest expense of $62,000, and business interest income of $3,600. c. Company C has taxable income of $62,800 which includes business interest expense of $98,000 and depreciation of $28,000.

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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