FruAgro Company has average annual gross receipts of $32 million annually. This year, FruAgro earned...
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FruAgro Company has average annual gross receipts of $32 million annually. This year, FruAgro earned $3 million of business interest income, incurred $7 million of business interest expense and has adjusted taxable income of $7 million. Compute FruAgros current deduction for business interest and the amount of any business interest carryforward. (Enter your answers in dollars not in millions of dollars.)
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