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Compute the after-tax cost of given interest payment

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Question: Collin Products received notice of a $25,100 income tax deficiency plus $3,700 interest. The deficiency related to an incorrect method of accounting for business inventory.

Compute the after-tax cost of the $3,700 interest payment assuming that Collin Products is a sole proprietorship owned by Leslie Collin. Leslie's marginal tax rate on her Form 1040 is 37 percent.

Reference no: EM132780029

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