Business, 12.09.2019 00:30, 3boys33

In 2018, a corp. had gross sales of $100,000,000 and business interest income of $20,000,000. a corp. had deductible business expenses (other than interest) of $60,000,000 and business interest expense of $35,000,000. a corp. had adjusted taxable income (adj. taxable income = taxable income without taking into account non-business income, business interest expense, business interest income or nol) of $40,000,000.
what amount, if any, of a corp.’s business interest expense deduction is disallowed in 2018?
what would your answer be (i. e. what amount of a corp’s business interest expense would be disallowed) if instead a corp. had gross sales of $1,000,000, business interest income of $200,000, deductible business expenses (other than interest) of $600,000, business interest expense of $350,000 and adjusted taxable income of $400,000? a corp’s gross sales have been $1m for the past 3 years.

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 13:10, Mikey3414

Trey morgan is an employee who is paid monthly. for the month of january of the current year, he earned a total of $4,538. the fica tax for social security is 6.2% of the first $118,500 earned each calendar year, and the fica tax rate for medicare is 1.45% of all earnings for both the employee and the employer. the amount of federal income tax withheld from his earnings was $680.70. his net pay for the month is .

Answers: 1

continue

Business, 22.06.2019 18:00, SmolBeanPotato

What is the cause of smoky exhaust?

Answers: 1

continue

Business, 22.06.2019 18:10, salvadorperez26

Find the zeros of the polynomial 5 x square + 12 x + 7 by factorization method and verify the relation between zeros and coefficient of the polynomials

Answers: 1

continue

Business, 22.06.2019 22:00, isabellainksow87vn

Suppose that a paving company produces paved parking spaces (q) using a fixed quantity of land (t) and variable quantities of cement (c) and labor (l). the firm is currently paving 1,000 parking spaces. the firm's cost of cement is $3 comma 600.003,600.00 per acre covered (c) and its cost of labor is $35.0035.00/hour (w). for the quantities of c and l that the firm has chosen, mp subscript upper c baseline equals 60mpc=60 and mp subscript upper l baseline equals 7mpl=7. is this firm minimizing its cost of producing parking spaces?

Answers: 3

continue

Do you know the correct answer?

In 2018, a corp. had gross sales of $100,000,000 and business interest income of $20,000,000. a corp...