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If an employer forgives the principal on an employee loan:O the bank prime rate is assessed on the balance forgivenO the prescribed interest rate is
If an employer forgives the principal on an employee loan:O the bank prime rate is assessed on the balance forgivenO the prescribed interest rate is assessed on the balance forgivenO the forgiven amount is included in the employee's taxable earnings and is subject to al statutory deductionsO the principal was forgiven and therefore no assessment is required
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