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Business, 12.03.2020 22:59 pacerskora

Indicate the amount (if any) that Josh can deduct as ordinary and necessary business deductions in each of the following expenditures and explain your solution.
Josh borrowed $50,000 from the First State Bank using his business assets as collateral. He used the money to buy City of Blanksville bonds. Over the course of a year, Josh paid interest of $4,200 on the borrowed funds, but he received $3,500 of interest on the bonds.

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Indicate the amount (if any) that Josh can deduct as ordinary and necessary business deductions in e...
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