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Peter Smith International (PSI) has average annual gross receipts of $60 million annually. This year,...

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Accounting

Peter Smith International (PSI) has average annual gross receipts of $60 million annually. This year, PSI earned $3 million of business interest income, incurred $9 million of business interest expense and has adjusted taxable income of $15 million. Compute PSI's current deduction for business interest and the amount of any business interest carryforward. (Enter your answers in dollars not in millions of dollars.)

Need to find Business interest deduction:

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