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Rock Island Corporation generated taxable income of $1 million this year. Taxable income was computed...

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Accounting

Rock Island Corporation generated taxable income of $1 million this year. Taxable income was computed on $50 million of revenues and included $50,000 of interest income, $150,000 of interest expense, and $80,000 of depreciation. What is Rock Island's maximum business interest deduction for the year?

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