Business
Business, 02.11.2019 17:42, nana54muller

How much student loan interest is tax deductible 2016?

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Business, 10.07.2019 18:50, harlon852
Bill has a mortgage loan on his personal residence. he decides to pay 18 months of interest in advance on october 1, 2016. the total advanced interest payment is $36,000. how much of the advance interest payment can he deduct in 2016? a. $36,000 b. $6,000 c. $24,000 d. mortgage interest is not deductible. e. if a taxpayer makes an advance payment, he may not deduct any interest.
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Business, 10.09.2019 19:30, angel41583
On january 1, 2016, the mason manufacturing company began construction of a building to be used as its office headquarters. the building was completed on september 30, 2017. expenditures on the project were as follows: january 1, 2016 $ 1,000,000 march 1, 2016 600,000 june 30, 2016 800,000 october 1, 2016 600,000 january 31, 2017 270,000 april 30, 2017 585,000 august 31, 2017 900,000 on january 1, 2016, the company obtained a $3 million construction loan with a 10% interest rate. the loan was outstanding all of 2016 and 2017. the company�s other interest-bearing debt included two long-term notes of $4,000,000 and $6,000,000 with interest rates of 6% and 8%, respectively. both notes were outstanding during all of 2016 and 2017. interest is paid annually on all debt. the company�s fiscal year-end is december 31. required: 1. calculate the amount of interest that mason should capitalize in 2016 and 2017 using the specific interest method. 2. what is the total cost of the building? 3. calculate the amount of interest expense that will appear in the 2016 and 2017 income statements.
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