I have a cash basis private foundation. there never had any investments. During the final month of the year they received a large contribution and purchases bonds. They paid accrued interest on the bonds and now have negative interest at the end of the year. Is it an expense, (with no income to offset)? Is it deferred? Thanking you in advance.
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Michael Rubinstein
Michael D. Rubinstein CPA, PC
North Bellmore NY
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