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Sheena Maskell Sheena Maskell
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7 years ago
Winnie made a $70,000 interest-free loan to her son, Tad, who used the money to retire a mortgage on his personal residence. Tad'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?
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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Yoko900Yoko900
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7 years ago
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Sheena M. Author
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#2
7 years ago
I took a chance with your answer

It was right
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