Tax: Fred Peters $10,000 payment on behalf of son Jack. Is it a deduction for tax purposes for Fred?
Please help with the following problem. In the current year, Fred Peters paid $10,000 of the business interest expense on a loan made to his son Jack, age 30, during the year. Jack was planning to file for bankruptcy and avoid making the interest payment, but Fred made the payment in order to avoid embarrassment for the fami