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How much of Pinky and The Brain interest is deductible

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Question - Pinky & The Brain, LLC has the following information for 2020:

Taxable Income (including all deductions) $100,000

Interest Expense $500,000

Rent Expense $30,000

Depreciation Expense $20,000

Average Annual Gross Receipts $30,000,000

How much, if any, of Pinky and The Brain's interest is deductible?

a. $195,000 deductible; $305,000 carried forward

b. $314,000 deductible; $186,000 carried forward

c. $500,000 deductible; $0 carried forward

d. $186,000 deductible; $314,000 carried forward

e. None of these

 

Reference no: EM132612872

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