Question
Marty applied for a business loan to buy machinery for his business. He incurred the following costs associated with the loan - Legal Fees $1000,
Marty applied for a business loan to buy machinery for his business. He incurred the following costs associated with the loan - Legal Fees $1000, Stamp Duty $1200 and sundry costs $50. He paid these expenses on the 1st June 2020. The term of the loan is for 48 months.
Question –
Can Marty claim these expenses and if so how much over how long?
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Yes Legal Fees and stamp duty value is part of cost of ...
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
16th edition
0077664078, 978-0077664077, 78111048, 978-0078111044
