On January 1, Father loaned Daughter $100,000 to purchase a new car and to pay off college loans. There were no other loans outstanding between Father and Daughter. The relevant Federal rate on interest was 6 percent. The loan was outstanding for the entire year. Is there imputed interest for this loan and if so what is the amount of interest?

Answer rating: 100% (QA)

Yes there is imputed interest for this loan The IRS mandates that interest be ch... View the full answer