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Author Question: Finance charges on personal credit cards are deductible interest expense. (Read 100 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
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lbcchick

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

bassamabas

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Reply 3 on: Yesterday
Wow, this really help

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