Business, 13.10.2020 03:01 lavishbre12

In the current year, Nighthawk Corporation, a calendar year C corporation, has $5,080,000 of adjusted taxable income and $152,400 of business interest income. Nighthawk has no floor plan financing interest. The business interest expense for the year is $2,032,000. a. Assume that Nighthawk has average gross receipts for the prior three-year period of $35,200,000. Determine Nighthawk's current-year deduction for business interest. $ b. Assume that Nighthawk has average gross receipts for the prior three-year period of $19,500,000. Determine Nighthawk's current-year deduction for business interest. $

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In the current year, Nighthawk Corporation, a calendar year C corporation, has $5,080,000 of adjuste...