Sally owns all the outstanding shares of Sally Inc. On July 15, 2015, Sally Inc. loans Bob,

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Sally owns all the outstanding shares of Sally Inc. On July 15, 2015, Sally Inc. loans Bob, Sally’s brother, $10,000 to buy a sailboat. Sally Inc. has a December 31 year end. On January 1, 2017, the loan is still outstanding.

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What are the income tax consequences to Bob?

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Introduction To Federal Income Taxation In Canada 2016-2017

ISBN: 9781554968725

37th Edition

Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett

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Question Posted: Aug 04, 2023 04:36 AM

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Sally owns all the outstanding shares of Sally Inc. On July 15, 2015, Sally Inc. loans Bob,

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In this case Bob received a loan from Sally Inc an...View the full answer

Introduction To Federal Income Taxation In Canada 2016-2017

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