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KOL Company is 100% owned by Tallulah. On January 1 of the current year, KOL makes a loan of $32,000 to Tallulah. The loan carries
KOL Company is 100% owned by Tallulah. On January 1 of the current year, KOL makes a loan of $32,000 to Tallulah. The loan carries interest at the rate prescribed within the tax regulations Tallulah pays $12,800 on the loan on June 30 of the current year, $12,800 on September 30 of the following year, and pays the balance of $6,400 on November 30 of the following year. For the current year, how much of the loan will Tallulah recognize in her income? Choose the correct answer OA $19,200 OB. 30 Oc. $0.000 Ob. $32,000
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