QUESTION 4 Renee operates a proprietorship selling collectibles over the web, and last year she...
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QUESTION 4 Renee operates a proprietorship selling collectibles over the web, and last year she purchased a building for $24 million for her business. This year, Renee's proprietorship reported revenue of $84 million and incurred total expenses of $77.6 million. Her expenses included cost of goods sold of $48.5 million, sales commissions paid of $6.9 million, $9.5 million of interest paid on the building mortgage, and $12.7 million of depreciation. What is the maximum amount of business interest expense that Renee can deduct this year
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