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Sammy wholly owned a manufacturing business that started in 2022, and had $100,000 of gross...

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Accounting

Sammy wholly owned a manufacturing business that started in 2022, and had $100,000 of gross receipts in 2022. In 2023, Sammy had: $9,000 of interest expense on a business loan, $70,000 of revenue after cost of goods sold, and incurred $47,000 of other business deductions.

What amount of the $9,000 of interest can Sammy deduct as as a business expense?

Group of answer choices

$2,100

$9,000

$0

$6,900

Answer & Explanation Solved by verified expert
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