Question: Could you please help me with this question Thanks Sam has borrowed $10,000 from his corporation on July 1, 2019. The corporation has a year

Could you please help me with this question Thanks

Sam has borrowed $10,000 from his corporation on July 1, 2019. The corporation has a year end of July 31. It is not December 31, 2020 and Sam has yet to repay the loan. The prescribed rate is 1% and the loan is non interest bearing. What are the tax consequences to Sam? 0 $10,000 income inclusion in 2020 Q There is no income impact 0 $10,000 income inclusion in 2019 O Sam must include a deemed interest benefit of 1% into his income from the date the loan was issued

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