Edward owns Fullmetal, Inc. which has the following items in 2020 Taxable Income (including all...
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Edward owns Fullmetal, Inc. which has the following items in 2020
Taxable Income (including all deductions) $10,000
Interest Expense $1,000,000
Rent Expense $15,000
Depreciation Expense $20,00
Average Annual Gross Receipts $20,000,000 How much, if any, of Fullmetals interest is deductible?
a. $308,100
b. $302,100
c. $1,000,000
d. $303,600
e. None of these
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