DEDUCTABLE PAYMENTS Flashcards
1
Q
where in pro-forma is deductable payments
A
before net income
2
Q
most important type of deductable payment
A
interest on qualifying loans
3
Q
what is the interest on qualifying loans re deductable payments
A
interest paid gross and this is deducted before net income
4
Q
what are qualifying loan examples
A
employee buying plant and machinery
loan to provide funds to company (close) or partnership
