Question: Jones Ltd. has a December 31 year-end and is not in the business of lending money. It has one shareholder, Kevin Jones. Kevin is a

Jones Ltd. has a December 31 year-end and is not in the business of lending money. It has one shareholder, Kevin Jones. Kevin is a resident of Canada and an employee of Jones Ltd. In 2020, Kevin and his wife, Maria, each received a loan of $15,000 for whatever use they wanted. None of the other employees of Jones Ltd. were eligible to receive similar loans. Each of the loans is due in 2022 and Jones Ltd. was very careful to ensure that bona fide arrangements were made at the time of each $15,000 loan for repayment within a reasonable time. Kevin repaid $11,000 of his loan on December 31, 2021, and the remaining $4,000 is still outstanding. Which of the following statements is true?

	A.	Kevin will include $15,000 in his income in 2021.
	B.	Kevin will include $15,000 in his income in 2020.
	C.	Kevin will include $4,000 in his income in 2021
	D.	Kevin will not include any loan amount in his income in 2020.
	E.	Kevin will include $4,000 in his income in 2022.
	F.	None of the above

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