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What is UNA interest expense deduction

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Reference no: EM132666895

Problem - For 2019, UNA Corporation has $500,000 of adjusted taxable income, $22,000 of business interest income, and $120,000 of business interest expense. It has average annual gross receipts of more than $25,000,000 over the prior three taxable years.

Required -

a. What is UNA's interest expense deduction?

b. How much interest expense can be deducted if UNA's adjusted taxable income is $300,000?

Reference no: EM132666895

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