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On December 1, 2016, Delilah borrows $2,000 from her credit union to use in her business. Under the ...

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On December 1, 2016, Delilah borrows $2,000 from her credit union to use in her business. Under the ...

On December 1, 2016, Delilah borrows $2,000 from her credit union to use in her business. Under the terms of the contract, Delilah actually receives $1,940 but is required to repay $2,000 in three months.
a. What amount may Delilah deduct as interest expense in 2016 and in 2017 if she is a cash basis taxpayer?
b. What amount may Delilah deduct as interest expense in 2016 and in 2017 if she is an accrual basis taxpayer?

Textbook

Federal Taxation 2017 Individuals

Edition: 30^th

Authors: Pope, Rupert, Anderson

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