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Author Question: On December 1, Robert, a cash method taxpayer, borrows $10,000 from the bank for use in his ... (Read 79 times)

cookcarl

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on: Sep 13, 2020
On December 1, Robert, a cash method taxpayer, borrows $10,000 from the bank for use in his business. Under the terms of the loan, the bank discounts the loan by $300, paying Robert the $9,700 cash proceeds. If Robert repays the loan next year, he may deduct
◦ $300 next year.
◦ $300 this year.
◦ $25 this year and $275 next year.
◦ nothing since the note is "noninterest-bearing."
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by cookcarl on Sep 13, 2020

hramirez205

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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cookcarl

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)

phuda

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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