Charles operates a sole proprietorship using the cash method. This year Charles paid $6,400 to the bank
Fantastic news! We've Found the answer you've been seeking!
Question:
Charles operates a sole proprietorship using the cash method. This year Charles paid $6,400 to the bank for 12 months of interest accruing on a business loan from July 1st of this year through June 30 of next year and $6,000 for 12 months of property insurance beginning on July 1st of this year.
What is the maximum amount Charles can deduct this year?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: