An employee received the following from their employer during a taxation year: 1) a $55,000 salary, 2) a watch valued at $200 as a birthday gift, and 3) a $15,000 low-interest loan with a 1% interest rate when the CRA's prescribed rate during the year was 3%. What is the employee's net income for tax purposes?

Multiple Choice

• $55,300

• $55,500

• $55,750

• $55,000