Question
n 2021 Betty loaned her son, Juan, $10,000 to help him buy a car. In 2023 , before he repaid the $10,000 , Betty Juan
n 2021 Betty loaned her son, Juan,
$10,000to help him buy a car. In 2023 , before he repaid the
$10,000, Betty Juan that she was "tearing up" the
$10,000note as a graduation present. How should Juan treat the amount forgi\ A. taxable income in year of forgiveness\ B. excludible gift in year of forg)veness\ C. taxable income in year of loan\ D. excludible gift in year of loan
n 2021 Betty loaned her son, Juan, $10,000 to help him buy a car. In 2023, before he repaid the $10,000, Betty to Juan that she was "tearing up" the $10,000 note as a graduation present. How should Juan treat the amount forgi OA. taxable income in year of forgiveness B. excludible gift in year of forgiveness OC. taxable income in year of loan OD. excludible gift in year of loan
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Accounting
Authors: Carl s. warren, James m. reeve, Philip e. fess
21st Edition
978-0324400205, 324225016, 324188005, 324400209, 9780324225013, 978-0324188004
