Business, 15.04.2020 19:58, michelle5642b

In 2019, Nighthawk Corporation, a calendar year C corporation, has $5,440,000 of adjusted taxable income and $163,200 of business interest income. Nighthawk has no floor plan financing interest. The business interest expense for the year is $2,176,000. a. Assume that Nighthawk has average gross receipts for the prior three-year period of $37,600,000. Determine Nighthawk's current-year deduction for business interest. $ b. Assume that Nighthawk has average gross receipts for the prior three-year period of $18,750,000. Determine Nighthawk's current-year deduction for business interest. $

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In 2019, Nighthawk Corporation, a calendar year C corporation, has $5,440,000 of adjusted taxable in...