What is great lakes current-year deduction for business, Accounting Basics

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What is great lakes current-year deduction for business

Problem: In the current year, Great Lakes Corporation, a calendar year C corporation, has $4,540,000 of adjusted taxable income and $136,200 of business interest income. Great Lakes has no floor plan financing interest and their business interest expense for the year is $1,816,000. Assume that Great Lakes has average gross receipts for the prior three-year period of $32,800,000. What is Great Lakes' current-year deduction for business interest?

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Accounting Basics: What is great lakes current-year deduction for business

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