Question: Kait loaned her son, Jake, $ 6 0 , 0 0 0 for six months. Jake used the $ 6 0 , 0 0 0

Kait loaned her son, Jake, $60,000 for six months. Jake used the $60,000 to pay off college loans. The Federal rate was 5%, and Kait did not charge Jake any interest. Jake earned dividend and interest income of $2,100 for the tax year.
The reported imputed amount is $

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