The limitation on the deductibility of business interest expense does not apply to taxpayers whose average gross receipts for the three preceding years is less than $25 million.

Question

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The Tax Cuts and Jobs Act provides an exception to the limitation on the deductibility of business interest expense for small businesses with average annual gross receipts of $25 million or less over the prior three years.

The Limitation on the Deductibility of Business Interest Expense Does