IRS Drubbed In Tax Court On Partnership Interest Deductions

IRS Drubbed In Tax Court On Partnership Interest Deductions

Whether and how and when you can deduct interest is largely based on how the money you borrowed was spent.  The tracing rulings that follow the borrowed proceeds are pretty challenging.  Most of us just try to do the best we can.
Partnerships Are Different
Then there are partnerships that borrow money.  They follow the same rules unless they use the borrowed money to make a distribution to…

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