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4-48 (LO. 2, 4) Your client, Aldridge, is a generous individual. During the year, he made interest-free loans to various family members when the Federal
4-48 (LO. 2, 4) Your client, Aldridge, is a generous individual. During the year, he made interest-free loans to various family members when the Federal rate was 3%. What are the tax consequences in 2022 of the following loans by Aldridge? If an amount is zero, enter "0". a. On June 30, 2022, Aldridge loaned $12,000 to his cousin, Jim, to buy a used truck. Jim's only source of income was his wages on various construction jobs during the year. The computed imputed interest amount for 2022 is $ than and . However, This is because the loan was less does not have any investment income. b. On August 1, 2022, Aldridge loaned $8,000 to his niece, Sonja. The loan was to enable her to pay her college tuition. Sonja had $1,200 interest income from CDs her parents had given her. c. On September 1, 2022, Aldridge loaned $25,000 to his brother, Al, to start a business. Al had $220 of dividends and interest for the year. The computed imputed interest amount for 2022 is $ . However, exceed $1,000, is imputed. Because this amount d. On September 30, 2022, Aldridge loaned $150,000 to his mother so that she could enter a nursing home. His mother's only income was $9,000 of Social Security benefits and $500 of interest income. The computed imputed interest amount for 2022 is $ However, This is because the loan exceeded
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