Business, 13.08.2020 14:01, karmaxnagisa20

self-employed cash basis taxpayer, took out a loan to use in her business. The loan principal is to be repaid on November 30 of Year 3. Jones prepaid the entire interest of $12,000 on December 1 of Year 1. What amount of interest was deductible on Jones' Year 2 income tax return?

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self-employed cash basis taxpayer, took out a loan to use in her business. The loan principal is to...