Was the interest expense paid an allowable deduction

Reference no: EM133541789

Question: FMV sold shares of stocks of San Miguel Corporation but failed to timely file the return and pay the capital gains tax due thereon. He was assessed for interest and penalties in addition to the tax due. He then recognized as deduction from his annual income tax return the amount of interest paid on the assessed tax. Was the interest expense paid an allowable deduction for income tax purposes?

Reference no: EM133541789

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