Required information

Problem $1-67($LO $1-4)($Static$)$

$[$The following information applies to the questions displayed below.$]$

On November $1$ of this year, Jaxon borrowed $$50,000$ from Bucksnort Savings and Loan for use in his business. In December, Jaxon paid interest of $$4,500$ relating to the $12-$month period from November of this year through October of next year.

Nots: Do not round intermediate calculations. Assume a calendar year end.

Problem $1-67$ Part$-$a $($Static$)$

a$.$ How much interest, if any, can Jaxon deduct this year if his business uses the cash method of accounting for tax purposes?

Deductible amount