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Income Tax 22) On January 1, the Reyes loaned their daughter, Rachael, $25,000 so that she could open up her own business. The terms of
Income Tax
22)
On January 1, the Reyes loaned their daughter,
Rachael, $25,000 so that she could open up her own
business. The terms of the loan require Rachael to
pay her parents back the $25,000 in three years. No
interest is being charged on the loan. The AFR for
short, medium, and long-
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