Reference no: EM133053990

Question - Swift Corporation showed to you the following details regarding its interest expense account:

Interest expense from loans from creditors 450,000

Interest expense on redeemable preference shares 550,000

Interest expense on car loan from the bank; car used for personal 60,000 purposes

Interest expense paid on loans extended by Folklore Corporation 140,000

Interest expense on unpaid taxes 280,000

Interest expense on promissory note 320,000

Interest expense not in writing 440,000

Total interest expense 2,240,000

Taylor Corporation owns 60%% of Folklore Corporation and 30% of Reputation Corporation Further, Taylor Corporation's ordinary voting shares are 55% owned by Mr. Alwyn and 10% owned by Big Machine Corporation. How much is the deductible interest expense?