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KOL Company is 100% owned by Hanna. On January 1 of the current year, KOL makes a loan of $ 24950 to Hanna. The loan
KOL Company is 100% owned by Hanna. On January 1 of the current year, KOL makes a loan of $ 24950 to Hanna. The loan carries interest at the rate prescribed within the tax regulations. Hanna pays $ 9980 on the loan on June 30 of the current year, $ 9980 on September 30 of the following year, and pays the balance of $ 4990 on November 30 of the following year. For the current year, how much of the loan will Hanna recognize in her income? Question content area bottom Part 1 A.$0 B.$ 7485 C.$ 24950 D.$ 14970
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