Gilbreath Corporation Is a C Corporation and Has the Following

question 23

Essay

Gilbreath Corporation is a C corporation and has the following items of income and expense during the current $\begin{array}{lr}\text { Gross Income } & \$ 100,000 \\\text { Interest Income } & 5,000 \\\text { COGS } & (70,000) \\\text { Interest Expense } & (15,000) \\\text { Depreciation } & (10,000)\end{array}$ What is taxable income before limitation? What is the net business interest expense? What is adjusted taxable in for purposes of the net business income limitation? How much of the net business interest expense may Gilbreat deduct during the current year?

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Definitions:

Simp

Colloquially, a person who is perceived as excessively deferential, subservient, or attentive, often to someone they are attracted to, potentially to their own detriment.

Add

A mathematical operation that combines two or more amounts to get a total.

Simp

In colloquial use, shorthand for 'simpleton'; in internet culture, someone overly submissive to someone they're attracted to without reciprocation.

Conj

A conjunction is a logical operator that connects two statements in a way that the resulting statement is true only if both connected statements are true.