Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

which of the following are the consequences of failing to repay a loan? (Select 3 that apply) The outstanding loan balance is reported as taxable

which of the following are the consequences of failing to repay a loan? (Select 3 that apply)

The outstanding loan balance is reported as taxable income.

The participant loan default is reported o nthe participant's credit report.

The participant may not be eligible for another loan from the plan. The participant loan continues to accure interest until there is a distributable event.

The participant is not eligible to make salary deferral contributions for six months following a loan default.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

AQA AS Accounting Unit 2 Financial And Management Accounting

Authors: Brendan Casey

1st Edition

1500684260?, 978-1500684266

More Books

Students also viewed these Finance questions

Question

What is an integrated audit? Which companies use it?

Answered: 1 week ago

Question

1. What attributes should a project manager have?

Answered: 1 week ago