On January 1, 2022, Frank, accrual basis taxpayer, loaned his daughter Diana, $60,000. Diana used the...
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On January 1, 2022, Frank, accrual basis taxpayer, loaned his daughter Diana, $60,000. Diana used the funds as a down payment for her residence. The Federal rates was 5%, and Floyd charged Diana 2% interest. Diana had dividend and interest income of $2,100 for the tax year. Frank also gave his son, Alex, Atlas Corporate bonds with a face amount of $12,000 and a 3% stated annual interest rate. The gift was made on February 1, 2022 and the interest was paid on March 31,2022. How much total interest income (including any imputed interest) should Frank include in his gross income for 2022? On January 1, 2022, Frank, accrual basis taxpayer, loaned his daughter Diana, $60,000. Diana used the funds as a down payment for her residence. The Federal rates was 5%, and Floyd charged Diana 2% interest. Diana had dividend and interest income of $2,100 for the tax year. Frank also gave his son, Alex, Atlas Corporate bonds with a face amount of $12,000 and a 3% stated annual interest rate. The gift was made on February 1, 2022 and the interest was paid on March 31,2022. How much total interest income (including any imputed interest) should Frank include in his gross income for 2022?
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Answer rating: 100% (QA)
For the loan to Diana Imputed interest 60000 x 005 ... View the full answer
Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Posted Date:
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