Dave is the owner of a private corporation called Bluebell Inc. He takes his compensation entirely in the form of dividends, and he is not an employee of the corporation. He wants to buy a new house and borrowed $300,000 from Bluebell on the condition that the loan would be amortized over 10 years at an interest rate of 7%. All of the following statements are true, EXCEPT: o Dave must include the full amount of the loan in his income in the year that he received it o Bluebell cannot deduct the $300,000 from its income in the year that the loan was made. o As he repays the loan, Dave can deduct the principal repayments from his personal taxable income. o As he repays the loan, Dave can deduct the interest payments from his personal taxable income