Determining the primary source of income

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Reference no: EM13991252

Determine how each of the following expenses would be deducted for tax purposes. If the expense is not deductible, explain why not.

a. Chander paid $500 in interest on a loan he used to purchase equipment for his retail business.

b. Peter paid $500 in interest on a loan he used to purchase 1,000 shares of Pickled Pepper stock.

c. Portia paid $500 in interest on a loan she used to purchase her personal automobile.

d. Jordan's primary source of income is his wholesale warehousing business. During the current year, he paid $8,000 in state income taxes.

e. Alphonse is a professional golfer who likes to race cars in his spare time. He spent $60,000 on expenses related to racing cars during the current year.

f. Barry is an insurance agent. He bought a golf cart and had his insurance company logo put on the golf cart to attract customers while he played golf.

Reference no: EM13991252

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