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What amount of interest expense can Toni deduct

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Question - On June 30 of the current year, Toni, who uses the cash method of accounting and is not subject to the business interest deduction 30% limitation, borrowed $50,000 from a bank for use in her business. Toni was to repay the loan in one payment with interest on December 30 of the current year. On December 30 of the current year, she renewed that loan plus the interest due. The new loan was for $54,000. What amount of interest expense can Toni deduct for the current year?

Reference no: EM132857017

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