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revenue of $95.5 million and deducted $88.6 million in expenses and loss carryovers. Her bu deductions included cost of goods sold of $48.5 million, sales commissions paid of $16.9 mill million of interest paid on a mortgage, $10.7 million of depreciation, and $2 million deduction operating loss carryover. at is Renee's adjusted taxable income for purposes of calculating the limitation on business in Do not round intermediate calculations. Enter your answer in millions of dollars rounded t

revenue of $95.5 million and deducted $88.6 million in expenses and loss carryovers. Her bu deductions included cost of goods sold of $48.5 million, sales commissions paid of $16.9 mill million of interest paid on a mortgage, $10.7 million of depreciation, and $2 million deduction operating loss carryover. at is Renee's adjusted taxable income for purposes of calculating the limitation on business in Do not round intermediate calculations. Enter your answer in millions of dollars rounded t

FINANCIAL ACCOUNTING
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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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, $10.7 million of depreciation, and $2 million deduction for a net operating loss carryover. 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 million
Transcribed Image Text: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, $10.7 million of depreciation, and $2 million deduction for a net operating loss carryover. 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 million
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