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SAVE ANSWER Question 29 10 points Terry Acacia conducts an electrical repair business. With a...

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SAVE ANSWER Question 29 10 points Terry Acacia conducts an electrical repair business. With a view to future retirement he purchases 10ha of land to plant native wildflowers that he plans to harvest and sell. In the current year he enrols in a native plant growing course and arranges to clear the land and plough in compost with a thought to maybe plant sometime over the next twelve months. It is expected that the first commercial crop will be harvested three years after planting. He incurs interest on a loan to finance the land purchase, land preparation costs, fertilizer costs and the future costs of acquiring native seedlings, Is Terry able to deduct the interest on the loan in the current year? In future years

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