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  3. 11. you buy an interest in a partnership for $20,0

11. You buy an interest in a partnership for $20,000 using borrowed funds. The partnership's...

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Accounting

11. You buy an interest in a partnership for $20,000 using borrowed funds. The partnership's only assets include machinery used in the business valued at $60,000 and common stocks valued at $15,000. During the year you paid $2,000 interest on the loan. How much interest is deductible as interest attributed to a trade or business? $0 $400 $1,600 $2,000
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11. You buy an interest in a partnership for $20,000 using borrowed funds. The partnership's only assets include machinery used in the business valued at $60,000 and common stocks valued at $15,000. During the year you paid $2,000 interest on the loan. How much interest is deductible as interest attributed to a trade or business? - $0 - $400 - $1,600 - $2,000

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