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Facts and Figures

Date: August, 2010

*Mortgage Interest--In a new case, a couple put a home in a trust but remained liable for the mortgage. They rented out the home to tenants who agreed to pay the mortgage, repairs and insurance. The Tax Court said that the tenants should be treated as equitable owners of the home. Result: Even though the payments were called "rent," the tenants can deduct a portion as mortgage interest.

 *Innovative Ideas--A recent nationwide study surveyed more than 3,000 successful entrepreneurs to find out where innovation comes from. The study showed that visionary leaders are more likely than ordinary people to ask "what if" questions. Based on their findings, the researchers suggest that business owners spend about 15 to 30 minutes a day jotting down questions that challenge the corporate status quo.
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