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Which of the following is a true statement about the limitation on business interest deductions?...

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Accounting

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Which of the following is a true statement about the limitation on business interest deductions? All of the choices are true. The limitation is calculated as o percentage of the taxpayers total taxable income. Interest disallowed by this limitation is carried back three years and then forward five years This limitation is not imposed on businesses with average annual gross receipts of $25 million or less for the prior three taxable years

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