Homework Answers
Answer-
while total Interest Expense is $16,400,000 but Business Interest Expense deduction in limited to total of below
30% of adjusted taxable income = $49,000,000 * 30% = $14,700,000
Add - Interest income = $700,000
Deductible interest expense = $15,400,000
As total is lower than Interest Expense incurred, hence Deductible interest expense is $15,400,000
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