Barry and Larry,who Are Brothers,are Equal Owners in Chickadee Corporation

question 55

Multiple Choice

Barry and Larry,who are brothers,are equal owners in Chickadee Corporation.On July 1,2015,each loans the corporation $10,000 at an annual interest rate of 10%.Both shareholders are on the cash method of accounting,while Chickadee Corporation is on the accrual method.All parties use the calendar year for tax purposes.On June 30,2016,Chickadee repays the loans of $20,000 together with the specified interest of $2,000.How much of the interest can Chickadee Corporation deduct in 2015?

• A)$0
• B)$500
• C)$1,000
• D)$2,000
• E)None of the above

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Definitions:

Sherman Antitrust Act

A landmark federal statute in the United States that prohibits monopolistic business practices.

Industrial Revolution

A period of major industrialization that took place during the late 1700s and early 1800s, transforming economies through the development of factories, railroads, and machinery, and shifting societies from agricultural to industrial.

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Designated areas of land managed by Native American tribes under the U.S. Bureau of Indian Affairs, intended to maintain and preserve their cultures and ways of life.