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Clyde operates a sole proprietorship using the cash method. This year Clyde made the following expenditures: $480 to U.S. Bank for 12 months of interest accruing on a business loan from September 1st of this year through August 31st of next year.
$600 for 12 months of property insurance beginning on July 1 of this year.
What is the maximum amount Clyde can deduct this year?
Buffalo Bill
William Frederick Cody, known as Buffalo Bill, an American soldier, bison hunter, and showman who founded Buffalo Bill's Wild West show.
Sitting Bull
A notable Hunkpapa Lakota leader who played a key role in the resistance against the United States government policies towards the Native American tribes.
Vigilantism
The act of taking law enforcement into one's own hands, often in response to perceived inadequacies in the legal justice system.
Community Leaders
Individuals recognized within communities for their influence, leadership, and ability to mobilize resources and people for community improvement.
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