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Author Question: On December 1, 2016, Delilah borrows $2,000 from her credit union to use in her business. Under the ... (Read 49 times)

mckennatimberlake

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on: Sep 13, 2020

Question 1

Explain why interest expense on investments is limited to net investment income.

Question 2

On December 1, 2016, Delilah borrows $2,000 from her credit union to use in her business. Under the terms of the contract, Delilah actually receives $1,940 but is required to repay $2,000 in three months.
a. What amount may Delilah deduct as interest expense in 2016 and in 2017 if she is a cash basis taxpayer?
b. What amount may Delilah deduct as interest expense in 2016 and in 2017 if she is an accrual basis taxpayer?
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by mckennatimberlake on Sep 13, 2020

Rilsmarie951

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Reply #1 on: Sep 13, 2020
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mckennatimberlake

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Reply 2 on: Sep 13, 2020
:D TYSM

aliotak

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

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