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on december 1, year 4, michaels, a selfemployed cashbasis taxpayer, borrowed $100,000 to use in...

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Accounting

On December 1, Year 4, Michaels, a selfemployed cashbasis taxpayer, borrowed $100,000 to use in her business. The loan was to be repaid on November 30, Year 5. Michaels paid the entire interest of $12,000 on December 31, Year 4

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