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  3. for 2020, msu corporation has $500,000 of adjusted

For 2020, MSU Corporation has $500,000 of adjusted taxable income, $22,000 of business interest income,...

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Accounting

For 2020, MSU 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.

  1. What is MSUs interest expense deduction?

  2. How much interest expense can be deducted if MSUs adjusted taxable income is $300,000?

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