abeth made the following interest-free loans during the year. Assume that tax avoidance is not a principal purpose of any of the loans. ume that the relevant Federal rate is 5% and that the loans were outstanding for the last six months of the year. What are the effects of the imputed interest rules on these transactions? If required, round your final answer to the nearest dollar. Richard subject to the imputed interest rules because the $10,000 exception apply. The $10,000 exception apply to the loan to Woody because the proceeds were used to purchase assets. Because the $1,000 exception to this loan, is imputed. to the loan to Irene because the loan was for a result of these transactions, Elizabeth has interest income of $ ______________