Question: Christopher, a cash - basis taxpayer, borrows $ 1 , 0 0 0 from ABC Bank by issuing a 3 - month note on December

Christopher, a cash - basis taxpayer, borrows $1,000 from ABC Bank by issuing a 3-month note on December 1,2022. Christopher receives $940 but must repay $1,000 on the due date. The amount of interest expense deductible in 2022 is $20.
True
False
Christopher, a cash - basis taxpayer, borrows $ 1

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