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Compute FruAgro current deduction for business interest

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Question - FruAgro Company has average annual gross receipts of $30 million annually. This year, FruAgro earned $1 million of business interest income, incurred $10 million of business interest expense and has adjusted taxable income of $17 million.

Required - Compute FruAgro's current deduction for business interest and the amount of any business interest carry forward?

Reference no: EM132672702

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