A taxpayer ran a general store, which is financed by a bank loan. The taxpayer ceased this business due to ill health, and sold the business assets. She did not recover enough from the sale of these assets to clear the loan. She consequently continued to pay interest on the loan until it was paid off (eight months after the business ceased). Is the following statement true or false? This taxpayer cannot claim a deduction for interest on this loan, as the expense is no longer incurred to earn assessable income