Deductibility of Business Interest

[Corduroy Frog]

An accrual-based BUSINESS taxpayer has accrued or prepaid interest at year-end.  Are the rules different for interest than for other expenses, even though taxpayer is accrual-based?  Seems like I remember a difference, but would like to know the latest.  IRS might have a publication 250 pages long, but I would like to beg out on having to read their stilted language.

Thanks in advance -

[BrewOne]

Look at the instructions for Form 8990 (especially "Exclusions from Filing") and see if you think they apply in your case.

[Corduroy Frog]

Thank you Brewmaster.  The Tax Book mentions a threshhold of $27 million, but I feared there were further restrictions.  I believe if there are, they would be confirmed on Form 8990.