On October 1, 2019, Fine Brands Corporation (a cash-basis, calendar-year taxpayer) borrowed $200,000 from the bank at 9% annual interest.On December 30, 2019, Fine Brands paid $18,000 to the bank for the first year's interest on the loan.How much can Garcia deduct in 2019 for interest expense?

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The Answer of On October 1, 2019, Fine Brands Corporation (a cash-basis, calendar-year taxpayer) borrowed $200,000 from the bank at 9% annual interest.On December 30, 2019, Fine Brands paid $18,000 to the bank for the first year's interest on the loan.How much can Garcia deduct in 2019 for interest expense?

On October 1, 2019, Fine Brands Corporation (A Cash-Basis, Calendar-Year