Business, 10.11.2020 17:00 mirandac6775

On September 1 of the current year, Mr. Z, a cash-basis, calendar-year, self-employed mechanic, borrowed $10,000 at 10% for 5 years (i. e., 60 months) to purchase equipment with a useful life of 10 years. Z paid the lender a loan origination fee of $3,000 on the loan date. This fee was solely for the use of the money. How much of the $3,000 fee may Z deduct on his Schedule C for the current year

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On September 1 of the current year, Mr. Z, a cash-basis, calendar-year, self-employed mechanic, borr...

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