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if the interest expense exceeds the related interest income in a year, which of the following statements would be true? Multiple Choice The excess would
if the interest expense exceeds the related interest income in a year, which of the following statements would be true?
Multiple Choice
The excess would be treated as a property loss and deductible against all other sources of income.
The excess would be treated as a property loss and only deductible against property income.
The net interest income would be reported as nil, and the excess interest expense would not be deductible.
The excess would be deferred and deductible in the following year, to the extent the interest income exceeded the related expense in that year.
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