Which of the following is a True statement about the limitation on business interest deductions?
A) Interest disallowed by this limitation is carried back three years and then forward five years.
B) The limitation is calculated as a percentage of the taxpayer's total taxable income.
C) This limitation is not imposed on businesses with average annual gross receipts of $25 million or less for the prior three taxable years.
D) All of the choices are False.
E) All of the choices are True.
Correct Answer:
Verified
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