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Commitment fees that you incur to have business funds made readily available to you over a period of time, but not for actual use of
Commitment fees that you incur to have business funds made readily available to you over a period of time, but not for actual use of the funds, are not deductible as interest payments. However, these fees are costs of getting your loan, and you can deduct a part of the fees in each tax year during the period of the loan. OA. True OB. False Ruth and Mark Cline are married and will file a joint income tax return this year. Among their expenditures during this year were the following discretionary costs that they incurred for the sole purpose of improving their physical appearance and self-esteem: Face-lift for Ruth, performed by a licensed surgeon $5,000 Hair transplant for Mark, performed by a licensed surgeon 3,600 Disregarding the adjusted gross income percentage threshold, what total amount of the aforementioned doctors' bills may be claimed by the Clines in their current-year return as qualifying medical expenses? A. $3,600 B. $8,600 OC. $0 OD. $5,000
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