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Mr. B, a cash-basis taxpayer, signed a note for $1,200 on June 1 to buy his wife a fur coat. Interest was stated at 12%
Mr. B, a cash-basis taxpayer, signed a note for $1,200 on June 1 to buy his wife a fur coat. Interest was stated at 12% and Mr. B received $1,056 from the bank. Repayment is to be $100 a month starting on July 1. Mr. B also paid $18 of interest on his department store credit card. How much interest can Mr. B deduct this year? Group of answer choices $72 $0 $90 $18
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