Exercise 4-24 (Algorithmic) (LO. 4) Eizabeth makes the following interest-free loans during the year. The relevant Federal interest rate is 5%, and none of the ioans are motivated by tax avoidance. All of the loans were outstanding for the last six months of the tax vear. Identify that Federal income tax effects of these loans by computing Elizabeth's gross income from each loan. What are the effects of the imputed interest rules on these transactions? Compute Elizabeth's gross income from each loan. 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 gift loan exception Eizabeth's gross income from the loan is $ b. The $10,000 exception apply to the Ioan to Woody because the proceeds were used to purchase assets. Although the $100,000 exception to this foan, the amount of imputed interest is . Elizabeth's gross income from the loan is $ c. None of the exceptions apply to the loan to Irene because the loan was for gross income from the Ioan is s x