Question
On January 1, 2017 P, a calendar year taxpayer makes an interest free $200,000 loan to his son, S, a calendar year taxpayer due in
On January 1, 2017 P, a calendar year taxpayer makes an interest free $200,000 loan to his son, S, a calendar year taxpayer due in 5 years.
On January 1, 2017, the Federal mid-term rate is 2.45% compounded annually.
Discuss the tax implications of this transaction.
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Financial Accounting Information for Decisions
Authors: John Wild
7th edition
78025893, 978-0078025891
