Elizabeth makes the following interest-free loans during the year. The relevant Federal interest rate is 5%, and none of the loans are motivated by tax avoidance. All of the loans were outstanding for the last six months of the tax year. Borrower Amount Richard $6,750 Woody $8,100 Irene $192,500 Borrower's Other Net Investment Income Purpose of Loan $0 Gift $400 Stock purchase Purchase principal residence $0 What are the effects of the imputed interest rules on these transactions? If an amount is zero, enter "0". If required, round your final answer to the nearest dollar. a. Richard subject to the imputed interest rules because the $10,000 exception apply. Elizabeth's gross income from the loan is $ b. The $10,000 exception used to purchase this loan, apply to the loan to Woody because the proceeds were assets. Because the $1,000 exception to is imputed. Elizabeth's gross income from the loan is $ Elizabeth's to the loan to Irene because the loan was for gross income from the loan is $