Required information Problem 9-56 (LO 9-2) (Static) [The following information applies to the questions displayed below] Renee operates a proprietorship selling collectibles over the Web This year, Renee's business reported revenue of $95.5 million and deducted $88.6 million in expenses and loss carryovers Her business deductions included cost of goods sold of $48.5 million, sales commissions paid of $16 9 million, $10.5 million of interest paid on a mortgage, $107 million of depreciation, and $2 million deduction for a net operating loss carryover. Problem 9-56 Part-a (Static) a. What is Renee's adjusted taxable income for purposes of calculating the limitation on business interest expense? Note: Do not round intermediate calculations. Enter your answer in millions of dollars rounded to 1 decimal place. Adjusted Taxable Income milion

Required information Problem 9-56 (LO 9-2) (Static) [The following information applies to the questions displayed below] Renee operates a proprietorship selling collectibles over the Web This year, Renee's business reported revenue of $95.5 million and deducted $88.6 million in expenses and loss carryovers Her business deductions included cost of goods sold of $48.5 million, sales commissions paid of $16 9 million, $10.5 million of interest paid on a mortgage, $107 million of depreciation, and $2 million deduction for a net operating loss carryover. Problem 9-56 Part-a (Static) a. What is Renee's adjusted taxable income for purposes of calculating the limitation on business interest expense? Note: Do not round intermediate calculations. Enter your answer in millions of dollars rounded to 1 decimal place. Adjusted Taxable Income milion

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 44P

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