When Are Amounts Considered "Paid"?
Date
2009-01-16
Authors
Harl, Neil
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Abstract
It has been clear since the 1930s that vendor financing of feed, seed and other supplies (as well as some additional items) does not support an income tax deduction for the purchaser.1 Yet questions continue to arise over the issue with many apparently unaware of the authority supporting that treatment of vendor-financed transactions.