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Business, 26.03.2020 16:58 thompsonmark0616

Clyde operates a sole proprietorship using the cash method. This year Clyde made the following expenditures: $480 to U. S. Bank for 12 months of interest accruing on a business loan from September 1 of this year through August 31 of next year even though only $160 of interest accrued this year. $600 for 12 months of property insurance beginning on July 1 of this year. What is the maximum amount Clyde can deduct this year? Multiple Choice
1. $760
2. $600
3. $480
4. $160
5. $360

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Clyde operates a sole proprietorship using the cash method. This year Clyde made the following expen...

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