Patricia purchased a home on January 1, 2017, for $1,270,000 by making a down payment of $100,000 and financing the remaining $1,170,000 with a loan, secured by the residence, at 6 percent. From 2017 through 2020, Patricia made interest-only payments on the loan each year in the amount of $70,200. What amount of the $70,200 interest expense that Patricia paid during 2020 may she deduct as an itemized deduction

Telecom co. enters into a two-year contract with a customer to provide wireless service (voice and data) for $40 per month. to induce customers, telecom co. provides a free phone. telecom co. normally sells the phone on a stand-alone basis for $200. telecom co. also charges the customer a one-time activation fee of $35.which of the following is true? a) there are two distinct performance obligations: the voice service and the data service b) the free phone constitutes as a marketing expense c) the activation fee is a separate performance obligationd) there are two distinct performance obligations: the wireless services and the phone