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On April 1, 2023, Dalton Inc. loans $ 86,000 to its principal shareholder, Micah Dalton, in order to finance personal expenditures. Donner Inc. has a
On April 1, 2023, Dalton Inc. loans $ 86,000 to its principal shareholder, Micah Dalton, in order to finance personal expenditures. Donner Inc. has a June 30 taxation year end. The loan is interest free. Assume that throughout the time that the loan is outstanding that the relevant prescribed interest rate is 2%. Determine the income tax consequences to Micah if the loan is repaid on January 1, 2024
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Financial Accounting Information For Decisions
Authors: John J. Wild
10th Edition
1260705587, 978-1260705584
