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Title: Elaine loaned her brother, Mike, $175,000 to purchase a new home. Elaine does not charge Mike any ... Post by: Mandarini on Feb 15, 2017 Elaine loaned her brother, Mike, $175,000 to purchase a new home. Elaine does not charge Mike any interest on the loan. What are the tax consequences to Elaine and Mike?
A) Elaine is treated as having made a gift of the forgone interest on the $175,000 loan to Mike. B) Elaine only has to impute interest on $75,000 of the loan to Mike. C) If Mike has no net investment income, Elaine does not have to treat the forgone interest as a gift. D) Mike can deduct the interest that he is deemed to have paid Elaine. Title: Re: Elaine loaned her brother, Mike, $175,000 to purchase a new home. Elaine does not charge Mike ... Post by: genflynn on Feb 15, 2017 Content hidden
Title: Re: Elaine loaned her brother, Mike, $175,000 to purchase a new home. Elaine does not charge Mike any ... Post by: Mandarini on Jul 15, 2017 Wow you guys are great!!!!!!!!!!!!!!
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