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Mr. Nay requires an automobile too but used 100 percent of the time in his unincorporated business. This business has been in operation for several
Mr. Nay requires an automobile too but used 100 percent of the time in his unincorporated business. This business has been in operation for several years. The purchase occurs on October 1, 2020, at a cost of $73,000. He financed $50,000 of the car purchase through his bank at an annual rate of 8 percent. Interest charges due the period October 1, 2020, through December 31, 2020, amount to $1,333. What amounts can Mr.Nay deduct in his 2020 tax return with respect to this acquisition? Ignore PST and GST considerations.
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