Nick entered a 6 year loan on 1 March CY for the purchase of equipment...
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Accounting
Nick entered a 6 year loan on 1 March CY for the purchase of equipment that was required for income producing purposes. The borrowing costs associated with the loan were $750.
Based on the above facts and relevant tax laws, what is the deductible amount of borrowing expenses for the year
A. $41
B. $750
C. $50
D. $150
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