Harold, a cash basis taxpayer, borrows $65,000 for his business on a 2-year note from First City Bank on December 1st of this year. To close on the loan agreement, Harold is required to prepay interest of $4,800 on December 1st. How much interest can Harold deduct this year? 0 $4,800 0 $-0- 0 $400 O $2,400 O $200