Christopher is a cash-method, calendar-year taxpayer, and he made the following cash payments related to...
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Accounting
- Christopher is a cash-method, calendar-year taxpayer, and he made the following cash payments related to his business this year. Next to each item, indicate the amount that would be deductible on his current years tax return.
- $800 of interest on a short-term loan that was paid off before the end of the year. Half of the loan proceeds were used to invest in municipal bonds
- $800 of interest on a short-term loan that was paid off before the end of the year. Half of the loan proceeds were used to invest in municipal bonds
______________
- $300 fine for speeding while traveling to a client meeting
______________
- $1,500 for office supplies. He used half the supplies this year and will use the remaining half by February of next year
______________
- $2,400 for an insurance policy effective for three years beginning this April 1.
______________
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