Cook borrows $5,000 from a corporation in which he is a shareholder, interest free, in order to purchase a corporate bond paying 8% interest (assume the purpose of the loan is NOT tax avoidance). The federal rate is still 5%, and Seth's net investment income is now $2,000 (from a corporate dividend). t What (if any is the taxable interest of this interest-free loan? Gertrude and Angus Divorce in the current year after 8 years of marriage. Under the divorce agreement, Angus receives a vacation condo in the Bahamas that had been held jointly with Gertrude while they were married. The vacation condo was purchased for $100,000 five years ago, but now is worth $230,000. Also, Angus and Gertrude have an 8-year-old daughter, Lillian. Angus will have full custody of Lillian, and Gertrude is required to pay Angus $20,000 per year in child support beginning in the current year. However, the payments will be reduced to $15,000 ayear once Lillian turns 21. In the first year of the agreement, Angus receives the vacation condo and the correct cash payments. The answer can be 0. (a) How much will Angus report in gross income from the vacation condo