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  3. this tax year, abc, llc (a taxpayer with an averag

This tax year, ABC, LLC (a taxpayer with an average gross receipts for the prior...

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Accounting

  1. This tax year, ABC, LLC (a taxpayer with an average gross receipts for the prior 3 years of $50 million) has adjusted taxable income of $800,000, business interest expense of $500,000 and business interest income of $50,000. ABC has no floor plan financing interest.

What is its total allowable business interest expense deduction for the year?

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