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What is rock island maximum business interest deduction

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Question - Rock Island Corporation generated taxable income (before deductions for depreciation, interest expense, and net operating loss carryovers) of $2 million in 2020. Taxable income was computed on $50 million of revenues and included $110,000 of interest income. The company paid $453,000 in interest expense. Assume CARES Act applies. What is Rock Island's maximum business interest deduction for the year?

Reference no: EM133149530

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