A taxpayer takes out a loan secured by property used in their business and they...
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A taxpayer takes out a loan secured by property used in their business and they use the proceeds in two ways. They part of the loan in their business to purchase machinery and equipment and they use the other portion to buy a new personal vehicle. Following the rules for interest tracing under Regulations Section 1.163-8T; How would the taxpayer need to treat the interest paid on this loan for TY2023
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