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Business, 13.07.2020 19:01 realmofgrads23

George operates a business that generated revenues from services of $50 million in 2019 and reported deductible expenses other than interest of $49 million in 2019, which included depreciation expense of $500,000. The business paid interest expenses of $800,000 in 2019, none of which was for loans used to purchase tax-exempt investments. What is the maximum business interest deduction that George will be eligible to claim this year

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