Three years ago Brenda purchased a hardware business for $130,000 by taking out a business loan with NUBI Bank Ltd at 9 per cent interest. The business loan was for a term of ten years. Brenda had to pay loan establishment fees and stamp duty in setting up the loan of $1,500. Unfortunately, this income tax year Brenda sold the business at a loss, and could not pay out fully the loan with NUBI Bank Ltd.In relation to the above facts which one of the following statements is true? The loan establishment fees and the stamp duty in setting up the loan would be immediately deductible for Brenda.Only the interest on the business loan for the first three years will be deductible for Brenda, as after that date there is no business being operated by Brenda.Brenda would be able to claim an immediate deduction pursuant to section 8-1 ITAA97 for any legal fees she incurred in ceasing carrying on her business.Pursuant to the decision in Steele v FCT 99 ATC 4242, Brenda would not be entitled to a deduction for any of the interest on the loan from NUBI Bank Ltd since she used the loan to purchase a capital asset (being the business).Pursuant to the decision of FCT v Brown 99 ATC 4600 the interest on the loan after Brenda sold the business is still likely to be deductible as the nexus has not been broken between carrying on the business and incurring the interest.