On December 1,2017,Delilah Borrows $2,000 from Her Credit Union to Use

question 33

Essay

On December 1,2017,Delilah borrows $2,000 from her credit union to use in her business.Under the terms of the contract,Delilah actually receives $1,940 but is required to repay $2,000 in three months.
a.What amount may Delilah deduct as interest expense in 2017 and in 2018 if she is a cash-basis taxpayer?
b.What amount may Delilah deduct as interest expense in 2017 and in 2018 if she is an accrual-basis taxpayer?

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