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How much will be deductible by extell in arriving

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Problem 1: Assume Extell continues to own and operate the apartment building. Extell refinanced (replaced) the original construction mortgage loan with a new permanent mortgage loan from a different bank lender that closed on January 1, 2020. Assume Extell does not sell the property in 2020. The annual debt service payments on the mortgage loan will be $100,000, of which $90,000 will represent the interest portion and $10,000 will represent principal amortization. How much will be deductible by Extell in arriving at its 2020 taxable income?

Reference no: EM132660145

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