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Author Question: Finance charges on personal credit cards are deductible interest expense. (Read 78 times)

lbcchick

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on: Sep 13, 2020

Question 1

Christopher, a cash basis taxpayer, borrows $1,000 from ABC Bank by issuing a 3-month note on December 1, 2016. Christopher receives $940 but must repay $1,000 on the due date. The amount of interest expense deductible in 2016 is $20.
◦ true
◦ false

Question 2

Finance charges on personal credit cards are deductible interest expense.
◦ true
◦ false
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by lbcchick on Sep 13, 2020

Eazy416

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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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lbcchick

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

strudel15

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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