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Required information [ The following information applies to the questions displayed below. ] On November 1 of this year, Jaxon borrowed $ 3 2 ,
Required information The following information applies to the questions displayed below. On November of this year, Jaxon borrowed $ from Bucksnort Savings and Loan for use in his business. In December, Jaxon paid interest of $ relating to the month period from November of this year through October of next year. Note: Do not round intermediate calculations. Assume a calendar year end. b How much interest, if any, can Jaxon deduct this year if his business uses the accrual method of accounting for tax purposes? Deductible amount
Required information
The following information applies to the questions displayed below.
On November of this year, Jaxon borrowed $ from Bucksnort Savings and Loan for use in his business. In December, Jaxon paid interest of $ relating to the month period from November of this year through October of next year.
Note: Do not round intermediate calculations. Assume a calendar year end.
b How much interest, if any, can Jaxon deduct this year if his business uses the accrual method of accounting for tax purposes?
Deductible amount
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