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Author Question: Winnie made a $70,000 interest-free loan to her son, Tod, who used the money to retire a mortgage on ... (Read 23 times)

awywial

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on: Sep 13, 2020
Winnie made a $70,000 interest-free loan to her son, Tod, who used the money to retire a mortgage on his personal residence. Tod's only source of income was salary of $35,000 and $990 interest income on a savings account. The relevant Federal interest rate was 5% and the loan was outstanding all year long.

What amount must Winnie include as interest income as a result of this transaction?
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by awywial on Sep 13, 2020

Jossy

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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awywial

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

isabelt_18

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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