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  3. edward borrowed funds for the purchase of a rental

edward borrowed funds for the purchase of a rental property. After serval years, he redrew...

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Accounting

edward borrowed funds for the purchase of a rental property. After serval years, he redrew an amount under redraw facility of the loan and used this to purchase a new mercedes for his wife. The interest charges subsequently increased and he claimed them, as he has done previously, as a deduction Are the interest payemnts allowable as a general deduction under section 8-1?

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