Business, 16.04.2020 23:55 alishbaqadeer1
Nan, a cash basis taxpayer, borrowed money from a bank and signed a 10-year interest-bearing note on business property on January 1 of the current year. The cash flow from Nan’s business enabled Nan to prepay the first 3 years of interest attributable to the note on December 31 of the current year. How should Nan treat the prepayment of interest for tax purposes?
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Nan, a cash basis taxpayer, borrowed money from a bank and signed a 10-year interest-bearing note on...
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