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During the current year, John invests in undeveloped land. In the current year, he recieves no rent but does pay taxes od $200, mortgage interest of $700 and liability insurance of $300. How much of these expenses can he deduct (before any limitations) on his tax return? $900 or $1200?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9981418

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