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FruAgro Company has average annual gross receipts of $30 million annually. This year, FruAgro earned...

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Accounting

FruAgro Company has average annual gross receipts of $30 million annually. This year, FruAgro earned $1 million of business interest income, incurred $7 million of business interest expense and has adjusted taxable income of $17 million. Compute FruAgros current deduction for business interest and the amount of any business interest carryforward. Calculate bisuness interest deduction and business interest carryforward

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