55. Red Inc. is a C corporation and a calendar-year taxpayer. Red reports sales of \$26 million in 2020, \$29.3 million in 2021, and \$32 million in 2022. a) Is Red subject to the business interest limitation in 2023 ? b) Suppose that besides sales, Red also reports sales returns of $3.1 million in each year 2020-2022. Is Red subject to the business interest limitation in 2023 ? c) Suppose that Red began business on January 1, 2021, and reported gross receipts of \$28.3 million in 2021 and \$29.9 million in 2022. Is Red subject to the business interest limitation in 2023 ? d) Suppose that Red began business operations on October 1, 2022, and reported \$7 million in gross receipts for the three-month 2022 short year. Is Red subject to the business interest limitation in 2023 ? a) Since the avg. is $29.1M, he is b) Sine the avg. is $26 which is under $29M, it is not subject to the limitation \begin{tabular}{|r|r|r|} \hline 22.90 & \\ \hline 26.20 & 26.00 \\ \hline \end{tabular} c) 29.1 , he is subject to the limitation d) 84,000,000.0021,000,000.00 He is NOT subject to the limitation
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