The allowed amount goes first to interest that would be capitalized
What the document says“shall be applied first to the aggregate amount of business interest which would otherwise be capitalized, and”
The section provides that the amount allowed after the limitation goes first to the total business interest that would otherwise be capitalized, with any remainder going to the total business interest that would be deducted.
What the document actually says“shall be applied first to the aggregate amount of business interest which would otherwise be capitalized, and”
What the cap lets through goes first to one kind of interest. That is interest the firm would add to an asset's cost.
Only what is left over goes to deducted interest. So the order is fixed. It is not for the firm to pick.
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