Bob Sold a Personal Residence to Fred and Paid Points

question 78

True/False

Bob sold a personal residence to Fred and paid points of $2,000 on the loan to help Fred finance the purchase.Bob can deduct the points as interest.

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Definitions:

Treaty of Paris (1763)

This treaty ended the French and Indian War/Seven Years' War between Great Britain and France, resulting in France ceding Canada and land east of the Mississippi River to Britain.

Seven Years' War

A global conflict fought between 1756 and 1763, involving most of the great powers of the time and affecting Europe, North America, South America, Africa, and Asia.

Consent of the People

Refers to the idea that a government's legitimacy and moral right to use state power is only justified and lawful when consented to by the people or society over which that political power is exercised.

Common Sense

A pamphlet written by Thomas Paine in 1776 advocating for American independence from Britain through plain and persuasive arguments.