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Business, 31.10.2019 06:31 lolirdc

On november 1 of year 0, jaxon borrowed $38,000 from bucksnort savings and loan for use in his business. in december, jaxon paid interest of $3,420 relating to the 12-month period from november of year 0 through october of year 1.
(do not round intermediate calculations.)
how much interest, if any, can jaxon deduct in year 0 if his business uses the cash method of accounting for tax purposes?

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