Question
1) Which of the following is not a government transfer payment? A. Food stamps. B. Social Security benefits. C. Unemployment compensation. D. Interest on T-Bills.
1) Which of the following is not a government transfer payment?
A. | Food stamps. | |
B. | Social Security benefits. | |
C. | Unemployment compensation. | |
D. | Interest on T-Bills. | |
E. | None of these. |
2) Nawal, is a major shareholder in Nakhell Corp., received an interest-free loan from the corporation.
A. | If the loan is classified as an employer-employee loan, the corporations taxable income will not be affected by the imputation of interest. | |
B. | If Nawal uses the funds to take a vacation, the imputation of interest will increase her taxable income. | |
C. | If the loan is c.lassified as a corporation-shareholder loan, the corporations taxable income will increase as a result of the imputation of interest. | |
D. | All are accurate. |
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