Required information The following information applies to

Last updated: 4/9/2024

Required information The following information applies to the questions displayed below Renee operates a proprietorship selling collectibles over the Web This year Renee s business reported revenue of 95 5 million and deducted 88 6 million in expenses and loss carryovers Her business deductions included cost of goods sold of 48 5 million sales commissions paid of 16 9 million 10 5 million of interest paid on a mortgage 10 7 million of depreciation and 2 million deduction for a net operating loss carryover c Suppose that Renee s revenue includes 5 million of business interest income What is the maximum amount of business interest expense that could be deducted this year under the business interest limitation Note Do not round intermediate calculations Enter your answer in millions of dollars rounded to 2 decimal places Deductible Business Interest Expense million