Individual income tax return for the payment


In the current year, Fred peters paid 10,000 of business interest expense on a loan made to his son Jack, age 30 in a prior year. Jack was planning to file for bankruptcy and avoid making interest payment, but Fred made the payment in order to aviod embrassment for the family. Can Fred claim a business interest expense deduction on his individual income tax return for the payment of his son Jack's business interest expense?

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Accounting Basics: Individual income tax return for the payment
Reference No:- TGS090430

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