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How much is the nondeductible interest expense

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Reference no: EM132771432

Question - Jadine Corporation, a DC, reoprts the following income and expense during the taxable year:

Gross Receipts 1,000,000.00

Interest income, net of FT 40,000.00

Salaries 600,000.00

Rent expense 200,000.00

Interest on unpaid salaries 60,000.00

Payment of bank loan balance 400,000.00

Interest expense 40,000.00

Required -

1. How much is the nondeductible interest expense?

2. How much is the total allowanble deduction?

Reference no: EM132771432

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