Renee operates a proprietorship selling collectibles over the Web. This year, Renee's business reported revenue...
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Accounting
Renee operates a proprietorship selling collectibles over the Web. This year, Renee's business reported revenue of $ million and deducted $ million in expenses and loss carryovers. Her business deductions included cost of goods sold of $ million, sales commissions paid of $ million, $ million of interest paid on a mortgage, $ million of depreciation, and $ million deduction for a net operating loss carryover.
c Suppose that Renee's revenue includes $ million of business interest income. What is the maximum amount of business interest expense that could be deducted this year under the business interest limitation
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