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On January 1, Father lends his son $1 million. In return, the son executes a promissory note agreeing to pay the entire $1 million on
On January 1, Father lends his son $1 million. In return, the son executes a promissory note agreeing to pay the entire $1 million on demand. The note does not require the payment of interest. Assume that the applicable interest rate for the purposes of § 7872 equals 2% and that the loan remains outstanding on December 31. What is the amount of the gift under § 7872?
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Under 7872 of the Internal Revenue Code if a loan is made between family members and does not requir...
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Smith and Roberson Business Law
Authors: Richard A. Mann, Barry S. Roberts
15th Edition
1285141903, 1285141903, 9781285141909, 978-0538473637
