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Joe, a cash basis taxpayer, took out a 12-month business loan on December 1, 2019. He prepaid all $3,600 of the interest on the loan

Joe, a cash basis taxpayer, took out a 12-month business loan on December 1, 2019. He prepaid all $3,600 of the interest on the loan on December 1, 2019. Joe can deduct only $300 of the prepaid interest in 2019. True False

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