3 point(s) possible Submit quiz K prescribed interest rate is 2%. On April 1, 2023, Delgado Inc. loans $85,000 to its principal shareholder, Marco Delgado, in order to finance personal expenditures. Donner Inc. has a June 30 taxation year end. The loan is interest free. Assume that throughout the time that the loan is outstanding that the relevant Read the requirements. Requirement A. Determine the income tax consequences to Marco if the loan is repaid on January 1, 2024. What amount will be included in Marco's 2023 income? What is the interest benefit in 2023? Can the payment be deducted from Marco's income for 2024? Requirement B. Determine the income tax consequences to Marco if the loan is repaid on December 31, 2024. What amount will be included in Marco's 2023 income? What is the interest benefit in 2023? Can the payment be deducted from Marco's income for 2024? - X Required Determine the income tax consequences to Marco if the loan is repaid: A. on January 1, 2024; B. on December 31, 2024. Print Done