debtor/creditors Flashcards
1
Q
Are loans income?
A
Nope, you arent better off because of ofsetting liability
2
Q
Can you take a loss when you repay the principle?
A
no, interest is a different story in some cases
3
Q
can creditors take a deduction for loaning cash?
A
no. basically trading one asset (Cash) for anther, a receivable.
