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Compute FruAgro current deduction for business interest

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Problem - FruAgro Company has average annual gross receipts of $80 million annually. This year, FruAgro earned $1 million of business interest income, incurred $35 million of business interest expense and has adjusted taxable income of $67 million. Compute FruAgro's current deduction for business interest and the amount of any business interest carryforward.

Reference no: EM133025850

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