George operates a business that generated revenues of $55 million and allocable taxable income of $1.30 million. Included in the computation of allocable taxable income were deductible expenses of $242,500 of business interest and $252,500 of depreciation. What is the maximum business interest deduction that George will be eligible to claim this year?

$538,500

Explanation:

The computation of maximum business interest deduction is shown below:-

Adjusted Taxable income = Taxable income + Deductible expenses + Depreciation

= $1,300,000 + $242,500 + $252,500

= $1,795,000

Maximum business interest deduction = Adjusted Taxable income × Business interest deduction

= $1,795,000 × 30%

= $538,500

Here we assume maximum business interest deduction is 30% of Adjusted Taxable income.

the page presents four different kinds of threats that volcanoes pose and what to do before, during, and after an eruption.

enlightenment impacted society by introducing the idea that mankind could use reason to discover the laws of the world and the rights of mankind. these ideals affected all factions of society, from politics to religion.