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Business, 16.08.2021 22:40 Lkirjnnfcxd5039

Mrs. Carr made the following interest payments. Determine the extent to which she can deduct each payment. a. $21,000 on a $280,000 mortgage incurred to construct (and secured by) her personal residence. b. $3,000 on a $34,000 second mortgage secured by her personal residence. Mrs. Carr used the proceeds to pay off her credit card debt. c. $2,290 on credit card debt. d. $15,000 on a $200,000 bank loan incurred to purchase inventory for her sole proprietorship. e. $1,610 on a bank loan incurred to purchase a car for her son. f. $1,750 on a bank loan incurred to purchase mutual fund shares that generated $1,900 dividend income this year.

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Mrs. Carr made the following interest payments. Determine the extent to which she can deduct each pa...
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