Interest Expense Attributable to a Loan on a Life Insurance

question 58

True/False

Interest expense attributable to a loan on a life insurance policy may be deducted as long as the proceeds are used to purchase a new residence.

---

Definitions:

Marketing Research

The process of gathering, analyzing, and interpreting information about a market, and about the past, present, and potential customers for the product or service.

Cognitive Dissonance

A psychological term referring to the mental discomfort experienced when holding two or more conflicting beliefs, values, or ideas simultaneously.

Market Research

The process of gathering information about consumers that will improve marketing efforts.

Marketing Research Process

A systematic approach to collecting, analyzing, and interpreting data related to marketing decision-making, typically involving steps such as defining the problem, developing a research plan, collecting data, and reporting findings.