Renee operates a proprietorship selling collectibles over the Web. This year, Renee's business reported revenue...
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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. What is Renee's adjusted taxable income for purposes of calculating the limitation on business interest expense? lote: Do not round intermediate calculations. Enter your answer in millions of dollars rounded to 1 decimal place
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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. What is Renee's adjusted taxable income for purposes of calculating the limitation on business interest expense? lote: Do not round intermediate calculations. Enter your answer in millions of dollars rounded to 1 decimal place 