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Linda Borrowed $60,000 from Her Parents for a Down Payment

Question 91

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Linda borrowed $60,000 from her parents for a down payment on a condominium.She paid interest of $5,500 in 2008,$0 in 2009,and $9,000 in 2010.The IRS disallowed the deduction.Can you offer any explanation for the disallowance?

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Because of the irregular patterns of int...

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