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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The Answer of 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?

Gilbreath Corporation Is a C Corporation and Has the Following